Nigeria’s Conoil HY18 profit jumps 29 percent
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Conoil Plc. has recorded a profit before tax growth of 29 percent to N809.78 million for the period ended 30th June 2018, according to its recently released unaudited half-year report.
The results released Tuesday to the Nigerian Stock Exchange (NSE) showed that despite the tough economic environment, Conoil turnover rose to N54.48 billion in the first six months of this year, 21.3 percent better than the N44.93 billion recorded during the same period in 2017.
Profit after tax also rose by 29 percent to N550.6 million from N427.3 million, a performance the company’s management attributed to effective cost management and aggressive marketing and improved sales.
“The Board of directors is optimistic that barring any unforeseen circumstances, this trend would be improved in the remaining period of the financial year,” the company stated.
Earnings per share increased from 62 kobo to 79 kobo, raising the capacity of the company to increase dividend payment and placing it in a good stead to fulfilling its promise to build a stronger financial position and creating higher values for its shareholders.
At its last annual general meeting held in Uyo, Akwa Ibom State, Conoil had assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management.
Mike Adenuga (Jr), the company’s chairman, assured the shareholders that the company’s long-term future was guaranteed, as it would continue to explore opportunities to deliver solid financial results and increase competitive returns on its shares.
“Our focus will 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,” Adenuga stated.
He added: “Greater attention will 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.”