MAJOR petroleum products marketer, Conoil Plc has reported growths in its unaudited third quarter results for the current financial year.
Aided by a strong growth in sales volume and a significant reduction in cost of funds, the results, which was released to The Nigerian Stock Exchange (NSE) over the weekend, showed that Conoil continued to weather the stormy operating environment in the country by posting an increase in its post-tax profit from N1.4 billion recorded last year, to N1.6 billion in 2018.
The company’s turnover rose from N70.2 billion in 2017, to N75.8 billion this year, while its profit before tax rose from N2.02 billion in 2017, to N2.27 billion in 2018.
A further analysis showed that its earnings per share increased from 196 kobo to 229 kobo, further raising the capacity of the company to increase dividend payment by the end of the 2018 financial year and placing it in a good stead to fulfilling its promise to build a stronger financial position and creating higher values for its shareholders.
The leading fuel marketer also made significant improvement in its financial results by recording a 27 per cent decrease in cost of operations while also reducing cost of funds by 22 per cent to bolster sales and profit.
It would be recalled that the company’s chairman, Dr Mike Adenuga (Jr), promised shareholders at its last annual general meeting, that conscious efforts would be directed at achieving better execution of value-added products and services to grow its business, while also assuring them that the company’s long-term future was guaranteed.
“We would continue to explore opportunities to deliver solid financial results and increase competitive returns on our shares. Our focus would be to further consolidate our competitiveness in the industry, remain committed to explore and develop emerging markets while holding our grounds in areas where we have competitive advantage,” he said.
“Greater attention would be devoted to cutting operational costs in the different segments of our business, while still maintaining and improving the quality of our products and services,” the Chairman added.
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