Conoil Profit After Tax Declines by 20 Percent in Q1, 2020

Conoil Profit Before Tax Depreciated by 20 Percent in Q1 2020

Conoil Plc, Nigeria’s indigenous oil marketing company, on Tuesday declared a 20 percent declined in both profit before tax and profit after tax for the quarter ended March 31, 2020.

In the unaudited financial results released on the Nigerian Stock Exchange (NSE), Conoil grew revenue by 7 percent from the N35,637 billion filed in the same quarter of 2019 to N38.143 in the first quarter of 2020.

Also, the company’s retained earnings expanded by 8 percent from N14.395 billion in the corresponding quarter of 2019 to N15.556 billion in Q1 2020.

Accordingly, Shareholders’ funds appreciated by 6 percent from N18.566 billion filed in the first quarter of 2019 to N19.728 billion in the same quarter of 2020.

However, profit before tax declined by 20 percent from N468,202 million in Q1 2020 to N382,915 million during the period under review.

The tax paid by the company during the period also declined by 20 percent from N153,025 million in Q1 2019 from N122,533 million in Q1 2020.

The company’s profit before tax declined by 20 percent from N325.178 million in achieved in the first quarter of the corresponding year to N260.382 million in Q1, 2020.

Similarly, earnings per share also declined by 20 percent from 47 kobo in Q1 2019 to 38 kobo in Q1 2020.

Total assets declined from N63.584 billion in Q1 of 2019 to N58.760 billion in Q1, 2020.

Conoil owned equity expanded from N19.467 billion achieved in the first quarter of 2019 to N19.728 billion in the first quarter of 2020.

Total Liabilities declined from N44.117 billion in Q1 2019 to N39.032 billion during the period under review.