Conoil’s 9-month profit contracts by 35% after N25bn revenue drop

Petroleum marketer, Conoil Plc, has declared its profit for the nine month period to September contracted by 35% relative to the same period of 2019, with turnover plunging by N24.621 billion.

Revenue slid to N88.101 billion from N112.723 billion, having fallen by 21.8%.

After-tax profit was N1.111 billion, 34.7% weaker than the N1.700 billion of the year before, its unaudited financial statements published by the Nigerian Stock Exchange (NSE) on its website on Sunday showed.

Read also: Conoil, Smart Products, Arbico, Sovereign Trust top Ripples Nigeria stock watchlist

Baic and diluted Earnings Per Share (EPS) fell by 35% to N1.60 from N2.45.

However, total equity grew by 5.7% from N19.468 billion to N20.576 billion, buoyed by a spike in retained earnings by 7.3%.

Conoil’s EPS is currently N2.01, with a price-to-earnings ratio of 8.92. Its dividend yield is 11.17%, according to Bloomberg.

Majority-owned by Mike Adenuga, chairman of Globacom Limited, Conoil’s outstanding shares currently stand at 693.952 million

Stocks in the company opened trade on the floor of the NSE on Monday at N19.05 per share.

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