Conoil sustains impressive growths as profit rises by 54% in Q3

Downstream oil major, Conoil Plc, appeared to be in a world apart as the petroleum-marketing company continued its latest strides with a 54 per cent growth in profit before tax to N2.72 billion in the third quarter.

The nine-month report of Conoil for the period ended September 30, 2016 showed that the company drew on its cost management and internal control to maximize a modest growth in sales to significant improvements in the bottom-line.

The report showed that while total turnover grew by six per cent to N63.95 billion in third quarter 2016 as against N60.16 billion in corresponding period of 2015, profit before tax rose by 54 per cent to N2.72 billion as against N1.76 billion recorded in the comparable period of 2015. Profit after tax also increased by 51 per cent from N1.2 billion in third quarter 2015 to N1.81 billion in third quarter 2016.

Earnings per share thus increased by 51 per cent from N1.72 in third quarter 2015 to N2.61 by September 2016.

The management of Conoil attributed what it described as impressive results to efficient allocation of resources, long term and pain-staking strategic business planning and strict adherence and implementation of global operating standards in all its business processes.

Read also: Nigerian Breweries declares N8b interim dividend

Shareholders of Conoil are meeting tomorrow, Friday, to approve earlier 200 per cent increase in dividend payout recommended by the board of the company. The board of directors of Conoil had announced a gross dividend of N2.1 billion for the 2015 business year, 200 per cent increase on the previous payout. Shareholders will receive a dividend per share of N3 for the 2015 business year as against N1 paid for the 2014 business year.

The dividend recommendation followed similar sterling performance in 2015. The audited report and accounts for the year ended December 31, 2015 showed that profit after tax rose by 176.5 per cent from N834 million in 2014 to N2.3 billion in 2015. Profit before tax jumped by 125.1 per cent from N1.5 billion in 2014 to N3.4 billion in 2015. Earnings per share also rose sharply by 177 per cent to N3.33 in 2015 as against N1.20 in 2014.

 

 

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