Conoil Reports N551m PAT For First Half of 2018

• Conoil Reports N551m PAT For First Half of 2018

Conoil Plc released its financial statements for the first half of 2018 on Tuesday following its suspension by Nigerian Stock Exchange on Monday.

According to the company, profit before tax grew by 29 percent to N809.8 million, up from the N627.9 million announced for the first half of 2017, while profit after tax (PAT) surged by 29 percent to N550.7 from N427.3 million.

During the period, earnings per share (EPS) also grew by 29 percent to close at 79 kobo, up from 62 kobo recorded in the H1 of 2017.

Revenue surged by 21.3 percent from N44.9 billion to N51.5 billion, while the total cost of sales rose to N48.1 billion from N38.9 billion.

The company posted a gross profit of N6.4 billion in the quarter, better than the N6 billion recorded in the first half of 2017. Other operating income stood at N114.5 million, also slightly better than the N96.6 million recorded a year ago.

Distribution expenses stood at N1.3 billion during the period under review, up from N858.5 million reported a year ago.

On Monday, the Nigerian Stock Exchange (NSE) suspended trading in the shares of Conoil Plc, citing failure of the company to submit its audited financial statements as required by the market rules.

According to the market rules, if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the bourse will first send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”