Conoil Declares 14 Percent Increase in Revenue for FY 2019

Conoil Grew Revenue by 14 Percent in the year 2019 FY

Conoil Plc, an indigenous petroleum marketing company, on Friday reported a 14 percent increase in revenue generation from the N122.213 billion in 2018 to N139.758 billion in the financial year ended December 31, 2019.

In the unaudited financial statement released on the Nigerian Stock Exchange website, the indigenous oil company grew profit before tax by 8 percent from N2.566 billion filed in 2018 to N2.777 billion during the period under review.

Conoil also paid more tax to the government during the period as taxation rose by 3 percent from N770.723 million in 2018 to N791.250 million in 2019.

Accordingly, profit for the year climbed by 11 percent from N1.796 billion in the corresponding year to N1.985 billion in the year under review.

Also, retained earnings grew by 4 percent from N14.129 billion to N14.727 billion in 2019. While shareholders’ funds expanded by 3 percent from N18.898 billion to N18.301 billion in 2019.

Despite headwinds, Conoil grew earnings per share by 11 percent from 259 kobo to 286 kobo.