Nearly 48 hours after it was suspended by the Nigerian Stock Exchange (NSE), the board of Conoil Plc has released the audited financial statements for the year ended December 31, 2018.
A brief analysis of the results showed that the company improved its revenue for the year by 5.8 percent to N122.2 billion in 2018 from N115.5 billion in 2017, with the gross profit going down to N12.8 billion from N13.1 billion.
However, cost of sales went up to N109.4 billion from N102.5 billion, while the finance cost reduced to N1.5 billion from N2.1 billion, with the administrative expenses going down to N6.2 billion from N11.2 billion.
The profit before tax of the energy firm rose by 11.4 percent to N2.6 billion from N2.3 billion, while the profit after tax appreciated by 13.8 percent to N1.8 billion from N1.6 billion.
The retained earnings closed at N14.1 billion in 2018 fiscal year in contrast to N13.7 billion in 2017 financial year, while the earnings per share (EPS) improved by 13.8 percent to N2.59k from N2.27k, with the total assets dropping to N60.9 billion in 2018 from N62.9 billion in 2017 and the total liabilities decreasing to N42.6 billion from N45 billion.
In view of the performance of the company in the period under review, the board of directors has recommended the payment of a dividend of N2 per share to shareholders in appreciation of the faith in the firm.
Source: Business Post
Samson Oyedeyi
