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Market Digest Nigeria

Finance

Conoil Plc releases FY financial result for 2019, profit up by 11%

Conoil Annual Report

The Nigerian petroleum marketing giant, Conoil Plc, has released its audited financial statement for the full year 2019, which shows improvement in some key performance indicators. The result released by the oil company shows an 11% increase in profits.

Conoil Annual Report

This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) and made available to the investing public and stakeholders.

The highlight of the report shows that the Revenue for the oil firm as of December 31 2019 was N139.76 billion as against the N122.21 billion that was recorded for the corresponding period for 2018. This represents a 14% increase.

The Cost of Sales as of December 31, 2019, was N126 billion as against the N109.44 billion that was recorded for the corresponding period for 2018. This represents a 15% increase.

The Gross Profit as of December 31, 2019, was N13. Billion as against the N12.8 billion that was achieved for the corresponding period for 2018. This shows an increase of 7.4%.

The Profit Before Tax for full-year 2019 was N2.78 billion as against the N2.57 billion that was achieved for the corresponding period for 2018. This shows a modest 8% increase.

The Profit After Tax for the oil firm shows an increase of 11% as it recorded N1.99 billion as of December 31, 2019, when compared to the N1.8 billion that was recorded for the corresponding period for the previous year.

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