Conoil Profit Declined by 35 Percent in Nine Months

Conoil Plc, a Nigerian petroleum marketing company, reported N88.101 billion revenue in the nine-month ended September 30, 2020.

This was 22 percent lower than the N112.723 billion achieved in the same period of 2019.

The company’s profit before tax declined by 33 percent from N2.452 billion reported in the corresponding period of 2019 to N1.634 billion in 2020.

Profit after tax declined by 35 percent to N1.110 billion, down from N1.700 billion recorded in the first nine months of 2019.

However, the company’s retained earnings rose by 14 percent to N16.407 billion from N14.441 billion attained in the same period of 2019.

The board of management of Conoil Plc approved a dividend payment of 200 kobo per share for the financial year ended December 31, 2019.

“Conoil Plc has declared a dividend of 200 kobo per share amounting to N1,387,904,234 (One Billion, Three Hundred and Eighty-Seven Million, Nine Hundred and Four Thousand, Two Hundred and Thirty-four Naira) for the period ended December 31st, 2019.”