Conoil Profit Plunges by 67% in H1 2020

Conoil Plc, a Nigerian petroleum marketing company, reported a 67 percent decline in profit for the first half (H1) of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the company’s revenue declined by 20 percent from N72.219 billion filed in the same period of 2019 to N57.455 billion in H1 2020.

This decline continues with Profit Before Taxation (PBT). PBT declined by 67 percent from N1.5 billion posted in the corresponding period of 2019 to N498 million in H1 2020.

Accordingly, Profit After Tax (PAT) plunged by 67 percent from N1.032 billion achieved in the first half of 2019 to N338.7 million in the first half of 2020.

However, retained earnings expanded by 14 percent from N13.77 billion in H1 2019 to N15.63 billion during the period under review.

Similarly, shareholders’ funds grew by 10 percent to N19.806 billion, up from N17.95 billion posted in the corresponding period of 2019.

Earnings per share depreciated by 67 percent from 149 kobo in H1 2019 to 49 kobo in H1 2020.