Finance
Conoil Grows Profit by 52% in Q2
- Conoil Grows Profit by 52% in Q2
Conoil Plc declared a 52 percent increase in profit for the quarter ended June 30, 2019.
The company grew revenue from N23.16 billion recorded in the second quarter (Q2) of 2018 to N35.63 billion in Q2,2019. Representing an increase of 36.68 percent.
Cost of sales jumped 39.62 percent to N32.85 billion in the quarter, up from N19.83 billion filed in the same period of 2018.
Conoil grew gross profit by 10.8 percent from N3.3 billion in Q2, 2018 to N3.73 billion in the second quarter.
Profit before tax jumped 56.84 percent to N1.04 billion, up from N499 million achieved in Q2, 2018.
Profit after tax rose by 52 percent to N707.5 million in the second quarter.
In the financial results released through the Nigerian Stock Exchange (NSE), administrative expenses declined from N1.66 billion in Q2, 2018 to N1.48 billion.