Conoil Grows Half-Year Profit by 196 per cent

Conoil Grows Half-Year Profit by 196 per cent

Conoil Plc has rekindled its last year’s glowing performance with yet another impressive outing for the first half of 2016.

Unaudited half year report of the oil marketing company filed over the weekend with the Nigerian Stock Exchange showed that its profit before tax rose from N528.5 million in 2015 to N1.566 billion in 2016 representing 196 per cent increase.

Another major highpoint of the six-month scorecard was the whopping 190 per cent increase in profit after tax from N359.4 million in 2015 to N1.04 billion in 2016, while Earnings Per Share also rose from 52 kobo to 150 kobo, representing an increase of 190 per cent.

Analysts confirmed that the company’s results surpassed expectations considering the volatility in the downstream sector of the oil industry and indeed, the nation’s economy.

Capital market analysts were also of the view that, going by this performance, the company would end up with a higher dividend payout for its shareholders at the end of the current financial year.

It would be recalled that the company declared N2.08 billion last year, translating to the N3 on every 50kobo ordinary share for the 2015 financial year, compared to N1 paid in 2014.

The capital market has been reacting pogsitively to the company’s laudable 2015 financial performance, with a recent surge in the demand for its stock by investors. So far, Conoil investors have reaped a return of 34 per cent in the last two weeks, as the equity appreciated in value.

According to a statement released by the company: “The result shows that we out-performed our previous year both in the top-line and should exceed our bottom-line performance at the current run-rate.”

The impressive performance was linked to the company’s innovative means of manufacturing and distributing products, huge financial investments in developing high-performance products and in the provision of services that matched and surpassed international standards.