Conoil’s profit down by 16%

Conoil Plc’s profit for the 2020 financial year dropped by 15.9 per cent compared to what it made in 2019.

Unaudited accounts of the oil company shows that revenue for the year declined to N117.46bn in 2020 from N139.75bn recorded in 2019.

Likewise, Conoil’s cost of sales had declined to N107.15 accounting for 91 per cent of total revenue, as gross profit for the year dropped to N10.31bn.

With the reduced gross profit, administration and distribution expenses also been reduced by 20.8 per cent compared to what was spent in 2019.

The company had spent much less servicing its debt last year, as finance cost declined by 32.3 per cent to N753m from N1.11bn.