By Adedapo Adesanya
Nigeria’s top oil petroleum marketing company, Conoil Plc, recorded an 88 percent growth in profit after tax in the first six months of this year, closing at N1.03 billion as at the end of business on June 30, 2019.
According to the company’s half year reports, this was a huge leap for the oil marketers from the net profit of N550.7 million actualized in the first six months of 2018.
The financial statements further disclosed that Conoil had a revenue of over N72 billion in six months, as against N54.5 million calculated in HY 2018, indicating a 33 percent increase year-on-year.
Further analysis of the financial figures revealed that the cost of sales in the period under review went up to N65.5 billion from the N48.1 billion utilized in HY 2018.
Retained earnings, however, dropped for the oil marketing firm, as figures showed a 3 percent decrease to N13.8 billion compared with N14.3 billion realized in the same period in 2018.
Following suit, shareholder’s funds also dropped by 3 percent this year from the last, as Conoil oil registered N17.9 billion in shareholders’ money tumbling from N18.4 billion in HY 2018.
Distribution expenses were lower this period compared to the previous one, as N1.02 billion was spent against N1.3 billion listed in HY 2018.
Also, the company recorded lower administrative expenses in its staff cost, rent, insurance payment, subscriptions and others. This was N3.02 billion this period in contrast to N3.3 billion recorded in HY 2018, while Conoil’s finance cost increased in this six months period from N1.07 billion last year to N1.17 billion.
Dipo Olowookere