Conoil grows third-quarter profit to N1.6bn

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Conoil Plc has posted an increase in its profit after tax to N1.6bn in the third quarter of 2018 from the N1.4bn recorded in the same period last year.

The oil marketing firm said it might increase dividend payment at the end of the 2018 financial year as its third quarter results indicated improved performance and increased revenue.

It said in a statement that the increase in its revenue was aided by a strong growth in sales volume and a significant reduction in the cost of funds.

The financial report, which was released to the Nigerian Stock Exchange, showed that its earnings per share increased from 196 kobo to 229 kobo.

The firm said this placed it in a good stead to fulfil its promise to build a stronger financial position and create higher values for its shareholders.

Its turnover rose from N70.2bn in 2017 to N75.8bn this year, while its profit before tax rose to N2.27bn in Q3 2018 from N2.02bn in the same period in 2017.

According to the statement, the firm recorded a 27 per cent decrease in cost of operations, while also reducing cost of funds by 22 per cent to bolster sales and profit.

The Chairman, Conoil, Dr Mike Adenuga, had promised shareholders at the company’s last Annual General Meeting that conscious efforts would be directed at achieving better execution of value-added products and services to grow its business.

He also assured them that the company’s long-term future was guaranteed.

Adenuga said, “We will continue to explore opportunities to deliver solid financial results and increase competitive returns on our shares.

“Our focus will be to further consolidate our competitiveness in the industry, remain committed to explore and develop emerging markets, while holding our grounds in areas where we have competitive advantage.”

He added that greater attention would be devoted to cutting operational costs in the different segments of our business, while still maintaining and improving the quality of products and services.


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