National Wire About Nigerians, Nigerian Business and Other Stories
Against the narrative of the challenging business environment, Conoil Plc on Tuesday published its financial results for the month ended September 2019, posting a profit after tax of N1.7 billion, an indication of 7 per cent rise for profit for the period.
According to the leading indigenous oil giant result posted on the Nigerian Stock Exchange (NSE) website, without a doubt 2019 has been another challenging year for companies in the oil sector in the domestic economy.
However, despite this the company’s results show that a management team that has worked aggressively to maintain a trend of positive results reflected in higher production and profit after tax.
An analysis into the company’s financials for the month ended September 30, 2019 shows that its turnover increased by 49% to N112.7billion compared to N75.8billion in same period of 2018; retained earnings rose by 4 per cent N14.4 billion from N13.9billion in comparative period of 2018 while its net asset grew by 3 per cent to N2.7 billion from N2.6 billion in Year-to-Date (YTD) September 2018. Earning per share ended the period at 245 kobo as against 229 kobo in same period of 2018.
The hope is that the company will sustain the momentum and continue on this winning streak in the final quarter of the year and positively impact the Capital Market and stakeholders alike.
