By Modupe Gbadeyanka
To the astonishment of investing public and shareholders, Conoil Plc released its financial statements for the third quarter of 2018 on Friday, October 12, 2018.
The oil firm has always been known to release its financials very late, but this time, it was the first quoted company to publish its results, churning out impressive earnings to set the mood of investors on the right note.
In the Q3 financial statements analysed by Business Post, the company, which has billionaire business, Mr Mike Adenuga, as Chairman, grew its earnings per share (EPS) from N1.96k to N2.29k.
Also, its profit after tax appreciated during the period under review by 16.9 percent to N1.6 billion from N1.4 billion, while the profit before tax went up by 11.9 percent to N2.3 billion from N2 billion in the corresponding period of 2017.
A look at the total revenue generated by the firm from July 2018 to September 2018 showed an increase of 8 percent to N75.8 billion from N70.2 billion, while the shareholders’ funds grew by 2.4 percent to N18.1 billion from N17.7 billion.
During the period under review, Conoil reduced its cost of sales to N17.3 billion from N20.7 billion, with the distribution expenses coming down to N473.2 million from N493.8 million.
In addition, the administrative expenses dropped to N1.8 billion from N2 billion, while the finance cost reduced to N405.8 million from N802.7 million.
View the full results here
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