One of the leading players in the Nigerian downstream petroleum industry, Conoil Plc, recorded a 27% per cent decline in profit after tax and a 24.3% drop in profit before tax in 2020, closing at N1,440,185,000 and N2,145,493,000 respectively as at the end of business on December 31, 2020.
According to the company’s full-year report, Conoil’s revenue declined by 15.9% from N139,758,285,000 in the same period of 2019 to N117,470,576,000 in 2020.
The financial statements further disclosed that its retained earnings grew by 0.3 percent from N15,295,992,000 in 2019 to N15,348,273,000 during the period under review.
Also, shareholders’ funds grew by 0.3 percent to N19,520,018,000, up from N19,467,737,000 posted in the corresponding period of 2019. Net Assets grew by 0.3% from N2,805,000 to N2,813,000.
Conoil’s Earnings per share depreciated by 27 percent from 284 kobo in 2019 to 208 kobo in 2020.
A dividend of N1.50 was proposed by the company’s board.
