Conoil Thrives in H1 2021, Grows Profit by 213.7 Percent to N1.063 Billion

Conoil, an indigenous oil company based in Nigeria, completely flipped things in the first half (H1) of 2021 as revenue expanded by 17.7 percent from N57.456 billion reported in the first half of 2020 to N67.638 billion in H1 2021.

The company disclosed in its unaudited financial results released through the Nigerian Exchange Limited and obtained by Investors King.

Profit before tax rose by 213.7 to N1.563 billion in the first half of 2021, up from N498.084 million filed in the corresponding period of 2020.

The leading indigenous oil company paid N500.045 million in income tax in the period under review, a 213.7 percent increase from N159.387 million paid in the same period of 2020.

Profit for the year also surged by 213.7 percent from N338.697 million in H1 2020 to N1.063 billion in the period under review.

Similarly, Conoil posted N16.411 billion in retained earnings, represent a 5 percent increase from N15.635 billion achieved in H1 2020.

Conoil share capital remained unchanged at N346.976 million in H1 2021, the same amount posted in H1 2020.

Shareholders’ funds expanded by 3.9 percent from N19.806 billion in H1 2020 to N20.583 billion in H1 2021.