Conoil Posts N173.5m Profit for Q1 2017

By Modupe Gbadeyanka

The sum of N173.5 million has been declared as profit by Conoil for the first quarter of 2017, in contrast to N943.8 million loss posted in the corresponding period of 2016.

The oil firm released its financial statements for Q1 2017 today on the Nigerian Stock Exchange (NSE), a day after it also released financial results of its full year, which ended December 31, 2016.

In the results analysed by Business Post, the company declared a pre-tax of N255.1 million versus N860.6 million lost in the first quarter of 2016.

Also, its revenue in the period under review increased to N24.5 billion from N19 billion achieved in the corresponding period of 2016.

During the period, its cost of sales stood at N21.2 billion compared with N17.1 billion in Q1 2016, leaving the gross profit in the first quarter of 2017 at N3.3 billion versus N1.9 billion in the corresponding period of 2016.