Conoil’s profit declines by 24%

Conoil Plc has reported a decline of 24.25 per cent in Profit Before Tax for the year ended December 31, 2020.

According to the company’s full-year audited financial statement released on Monday, the PBT dropped to N2.15bn in 2020 from N2.83bn recorded in the corresponding quarter of 2019.

Its Profit After Tax also slid to N1.44bn in the reviewed year from N1.97bn reported in 2019, which represented a decline of 26.98 per cent.

Compared to the N13.44bn posted in 2019, the gross profit dropped by 26.94 per cent to N9.82bn in the review year.

Further analysis showed that the company’s revenue for the year from continuing operations, excluding investment income, fell by 15.95 per cent to N117.47bn in 2020 from N139.76bn in 2019.

Its total assets stood at N48.86bn at the end of the trading year from N63.58bn it was at the end of 2019, representing a 14.72 per cent in the overall assets of the business.

The company, however, reduced its liabilities by 33.48 per cent to N29.34bn from N44.12bn reported in 2019.

Its earnings per share lowered to N2.08 being net profit of N1.44bn attributable to equity holders of the company.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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