Conoil Grows Profit by 176% to N2.3bn

Conoil Plc on Thursday reported a growth of 176 percent in profit and announced a 200 percent rise in dividend for the year ended December 31, 2015.

The company recorded a pre-tax profit of N3.448 billion in 2015, an increase of 125 percent from N1.532 billion recorded in 2014.

Despite the challenging environment Conoil plc, the petroleum products marketing company recorded N2.307 billion profit after tax, a 176 percent increase from the N834 million recorded in 2014.

Earnings per share also jumped by 177 percent from 120 kobo in 2014 to 333 kobo in 2015.

The company attributed its success to efficient management of resources, effective cost control policy, as well as reaping from its huge investment in the expansion and upgrade of its facilities.

“For us, the downstream sector remains fundamentally attractive and viable today and the future. With our clarity of direction and focus, our company’s long-term success is assured. We will sustain this improved performance and vigorously pursue our aspiration to remain the nation’s leading petroleum products marketer and one of the most profitable quoted companies,” the company said.

Following this impressive performance, the company has proposed a dividend of N2.08 billion, translating to 300 kobo per share compared with the 100 kobo paid in 2014.