MTN Jolly Data - Nigeria

Business Conoil records N1.6 billion Profit After Tax

Conoil Plc recorded a revenue growth of N3.4 billion for the first half of the year ended June 30, 2013. The revenue of the company rose from N76.2 billion to N79.6 billion with Earnings Per Share (EPS) growing from 65kobo to 230kobo.

According to reports on the Nigerian Stock Exchange (NSE), the company recorded an impressive 255 per cent increase in Profit After Tax (PAT); this represents an increase from N450.9 million in the previous year to N1.6 billion for the half year period ended June 30, 2013. The company also declared a whopping N1.98 billion as profit before tax as against N663.1 million recorded in the corresponding half year period in 2012.

In a statement issued by the company, management stated that the performance demonstrated the company’s resilience to overcome the overwhelming challenges in the downstream oil sector.

The company underpinned this outstanding performance to the application of robust growth strategies, efficient management of resources and total elimination of waste in its operations.

The company, while assuring its shareholders of its optimism to sustain and grow the impressive performance in the remaining six months of the year, indicated that juicier returns would be given to shareholders at the end of the current financial year

Revealing its edge, the company said it strengthened and repositioned its core businesses, with huge investments in retail network expansion, which involved building multi-million Naira mega stations across the country.

In the statement issued to announce the result, the company emphasised: “For us, the downstream remains fundamentally attractive now, in the medium and long term.”
jeff juwana

jeff juwana

Great News for investors. @Vunderkind , I guess a-third of your salary for next month would go in here- considering you have plans on investing in Zenith and GT Bank after they announced impressive half year profits.


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@jeff juwana This just keeps getting better and better :(
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