By Peter Egwuatu

Conoil Plc has recorded an impressive first quarter unaudited results for the financial year ended March 31, 2011, posting N1.742 billion Profit Before Tax (PBT ), representing a rise of 713 per cent from N214.245 million recorded in the corresponding period of 2010.

The unaudited trading results for the period under review submitted to the Nigerian Stock Exchange (NSE) weekend showed that the company Profit After Tax (PAT) witnessed a similar trend with a sharp rise from N145,687 million in 2010 to N1,185,203 billion this quarter; while the turnover, which was N21,071,554 billion between January and March 2010, appreciated by 77.02 per cent to peak at N37,301,786 billion during the same period this year.

There are strong indications that shareholders of Conoil Plc may reap bountifully this financial year, as the foremost oil marketing company has recorded a substantial leap in profit and turnover in the first quarter of 2011.

Stockbrokers are of the view that with the impressive performance of the company, its shareholders may reap bountiful dividend in this financial year, as the oil marketing company recorded a substantial leap in profit and turnover in the first quarter of 2011.

The brokers emphasized that the results also confirmed a forecast by the Chairman, Dr. Mike Adenuga, that Conoil would record triple growth rate in 2011 and deliver superior shareholder value. According to the Chairman of Conoil “Given the commitment of our people and the burning desire to go the extra mile and be the best, we feel confident that 2011 will be a greater success.”

Meanwhile, towards achieving its projections for improved shareholder value, Conoil has launched strategic investment initiatives aimed at boosting its income.