Conoil announces ₦2 billion profit for 2019

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Conoil Plc announced a profit after tax of ₦2 billion in 2019 – an 11% increase compared with 2018 in its audited financial statement for the full year 2019. This was mainly driven by improved profit margins from the oil company’s sale of refined petroleum products to consumers.

In line with the Nigerian Stock Exchange (NSE) rules, Conoil was expected to file its annual returns by May. However, the company blamed this late filing on the effects of the pandemic.

The firm’s revenue for the oil firm as of December 31, 2019, grew by 14% This was N139.76 billion as against the N122.21 billion that was recorded for the corresponding period for 2018.

The Cost of Sales as of December 31, 2019, was N126 billion as against the N109.44 billion that was recorded for the corresponding period for 2018. This represents a 15% increase.

The Gross Profit as of December 31, 2019, was N13. Billion as against the N12.8 billion that was achieved for the corresponding period for 2018. This shows an increase of 7.4%.

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The Profit Before Tax for full-year 2019 was N2.78 billion as against the N2.57 billion that was achieved for the corresponding period for 2018. This shows a modest 8% increase.

Read Also:  Conoil Profit Drops By 67% in H1 2020 Results

The Profit After Tax for the oil firm shows an increase of 11% as it recorded N1.99 billion as of December 31, 2019, when compared to the N1.8 billion that was recorded for the corresponding period for the previous year.

The Earnings Per Share for full-year 2019 was N2.86. This is more than the N2.59 that was achieved for full-year 2018 and shows an increase of 11%.

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