Saturday, January 29, 2022

    Conoil reports 67% Profit Drop in Half year 2020 : Key Highlights

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Nigeria’s top oil petroleum marketing company, Conoil Plc, recorded a 67% per cent decline in both profit after tax and profit before tax in the first six months of 2020, closing at N339 million and N498 million respectively as at the end of business on June 30, 2020.

    According to the company’s half-year reports, the company’s revenue declined by 20 percent from N72.219 billion in the same period of 2019 to N57.455 billion in H1 2020.
    Key Metrics
    Revenue declined by -20.4% to N57.5bn from N72.2bn in the previous quarter.
    Profit before tax declined by 67.2% to N498m.
    Profit after tax declined by 67.2% to N339m.
    Net Assets grew by 1.7% from N19.5bn to N19.8bn.

    Conoil Profit Drops By 67% in H1 2020 Results
    The financial statements further disclosed that its retained earnings grew by 14 percent from N13.77 billion in H1 2019 to N15.63 billion during the period under review.
    Also, shareholders’ funds grew by 10 percent to N19.806 billion, up from N17.95 billion posted in the corresponding period of 2019.
    Conoil’s Earnings per share depreciated by 67 percent from 149 kobo in H1 2019 to 49 kobo in H1 2020.

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