August 19, 2018

H1’18: Conoil records 29% profit rise

Conoil Plc has lived up to its pledge to maintain its growth momentum as the company’s recorded improved performance in  the first half, H1’18 with profit soaring by 29 percent to N809.78 million.

The unaudited half year report of the company released by the Nigerian Stock Exchange (NSE) showed that notwithstanding the  tough economic environment,  Conoil’s turnover rose to N54.48 billion in    H1’18, a 21.3 percent higher than the N44.93 billion recorded during the same period in 2017.

Profit after tax rose by 29 percent to N550.6 million from N427.3 million, a performance the company’s management attributed to effective cost management and aggressive marketing and improved sales.

“The Board of Directors is optimistic that barring any unforeseen circumstances, this trend would be improved on in the remaining period of the financial year. Earnings per share increased from 62 kobo to 79 kobo, raising the capacity of the company to increase dividend payment and placing it in a good stead to fulfilling its promise to build  a stronger financial position and creating higher values for its shareholders”  the company stated.

At its last Annual General Meeting, AGM,  Conoil assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.

The company’s chairman,  Dr. Mike Adenuga (Jr), at the occasion assured the shareholders that the company’s long-term future was guaranteed as it would continue to explore opportunities to deliver solid financial results and increase competitive returns on its shares.