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‘Suspended’ Conoil Posts 22% Growth in Profit in Q1 2018

By Modupe Gbadeyanka

Barely 24 hours after the Nigerian Stock Exchange (NSE) placed an embargo on trading of its shares at the stock market, the board of Conoil Plc has announced the release of the company’s financial results for the first quarter of 2018.

On Monday, the stock market regulator announced the suspension of Conoil on its trading platform for not filing its financial scorecard within the required time publicly quoted companies were supposed to do so.

In the results, the oil firm grew its revenue by 28 percent to N31.3 billion from N24.5 billion recorded in Q1 of 2017.

However, the cost of sales went up to N28.3 billion from N21.2 billion, while the distribution expenses rose to N650.8 million from N470.5 million.

In the period under review, the administrative expenses was trimmed to N1.7 billion from N2.2 billion, while the finance cost closed at N526 million as at March 31, 2018 versus N445.4 million as at March 31, 2017.

The reduction in the administrative expenses was mainly from the huge reduction in the litigation claims (by 50 percent) and staff cost (by 13 percent).

Business Post reports that the gross profit posted by Conoil in the period under review was N3 billion in contrast to N3.3 billion in the same period of last year, while the other operating income increased to N96 million from N30.9 million.

The profit before tax posted by the firm in Q1 2018 was N310.7 million against the N255.1 million in Q1 2017, while the profit after tax was N211.3 million compared with N173.5 million recorded exactly 12 months ago.

In the period under review, Conoil’s shareholders’ fund grew by 1.2 percent to N18.1 billion from N17.9 billion, while the earnings per share (EPS) increased by 21.8 percent to 30 kobo from 25 kobo.

A look at the company’s balance sheet showed that the total assets grew from N62.9 billion in Q1 2017 to N63.6 billion in Q1 2018, while the total liabilities increased to N45.5 billion from N45 billion.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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