Dipo Olowookere
By Dipo Olowookere
Nigerian petroleum marketing company, Conoil Plc, has released its financial statements for the period ended June 30, 2018.
This comes a day after authorities of the Nigerian Stock Exchange (NSE) suspended trading in the shares of the firm at the stock market.
Yesterday, the company released the financial statements for the first quarter of 2018 (Q1 2018) and is now following with the HY1 results as well as its Q2 2018 earnings.
In the financial scorecard analysed by Business Post on Tuesday, Conoil recorded a 29 percent growth in its earnings per share (EPS), which closed at 79 kobo from 62 kobo in the H1 2017 results posted by the company.
Also, the profit before tax increased by 29 percent to N809.8 million from N627.9 million, while the profit after tax grew by 29 percent to N550.7 million from N427.3 million.
During the period under review, Conoil said its revenue surged by 21.3 percent to N54.5 billion from N44.9 billion, while the cost of sales jerked up to N48.1 billion from N38.9 billion.
The gross profit posted by the company for H1 2018 was N6.4 billion against the N6 billion reported in H1 2017, while the other operating income was N114.5 million versus N96.6 million it recorded 12 months ago.
A total of N1.3 billion was used as distribution expenses in the first half of this year in contrast to N858.5 million used exactly a year ago.
However, the administrative expenses reduced to N3.3 billion from N3.5 billion, while the finance cost was relatively flat this time around.
