Conoil Grows Profit by 63 Percent in Q1 2021

Conoil Plc, a Nigerian petroleum marketing company, revenue declined by 13.2 percent to N33.091 million in the first quarter (Q1) of 2021, down from the N38.144 million recorded in the first quarter of 2020.

In the unaudited financial statements released on Wednesday, the leading oil company declared a profit before tax of N623.48 million in the quarter under review, representing an increase of 62.8 percent from the N382.915 million filed in the corresponding quarter of 2020.

The company paid N199.497 million in tax in Q1 2021, also a jump of 62.8 percent when compared to N122.533 million posted in Q1 2020.

Profit for the period stood at N423.931 million, up by 62.8 percent from N260.382 million achieved in the same period of 2020.

Conoil Plc retained earnings rose by 1.4 percent from N15.556 billion in Q1 2020 to N15.772 billion in Q1 2021.

Share capital remained unchanged at N346.976 million. Earnings per share rose by 62.8 percent from 38 kobo to 61 kobo.