Conoil Plc. – one of the leading players in the Nigerian downstream petroleum industry, released its unaudited financial statement for Full Year 2019, on Thursday the 13th of February, 2020.
The company’s Revenue grew by 14.36% in FY’2019; as it recorded ₦139.8 billion in Revenue, compared to ₦122.2 billion recorded in FY’2018. This growth in revenue rode exclusively on the back of the company’s domestic sales of petroleum products within the period under consideration.
The company also recorded a decrease in its Net Finance Cost, which declined by 26.30% to ₦1.1 billion in FY’2019, from ₦1.5 billion in the corresponding period of 2018. This was solely driven by a 26.38% decrease in the interest on bank overdraft.
Furthermore, relative to FY’2018, the company in FY’2019 recorded an increase of 8.19% and 10.57% in Profit Before Tax (PBT) and Profit After Tax (PAT) respectively, with PBT growing from ₦2.6 billion to ₦2.8billion and PAT growing from ₦1.8 billion to ₦2.0 billion. This growth was majorly driven by the improvement in the aforementioned top line items, as well as decline in the Net Finance Cost.
Consequently, Investors earning’s indicator (Earnings per Share) increased by 10.57% to ₦2.86 in FY’19, as compared to an EPS of ₦2.59 from the corresponding period in 2018.