Nigeria’s top oil petroleum marketing company, Conoil Plc, recorded a 67% per cent decline in both profit after tax and profit before tax in the first six months of 2020, closing at N339 million and N498 million respectively as at the end of business on June 30, 2020.
According to the company’s half-year reports, the company’s revenue declined by 20 percent from N72.219 billion in the same period of 2019 to N57.455 billion in H1 2020.
- Revenue declined by -20.4% to N57.5bn from N72.2bn in the previous quarter.
- Profit before tax declined by 67.2% to N498m.
- Profit after tax declined by 67.2% to N339m.
- Net Assets grew by 1.7% from N19.5bn to N19.8bn.