Conoil posts N2.84bn after-tax profit

Conoil Plc

Conoil Plc has declared a profit after tax of N2.84bn for 2016, up from N2.3bn the previous year.

The company said in a statement that its financial performance showed persistent resilience amid challenging economic conditions in the country, with growth across all key financial indices.

Its revenue increased from N82.9bn to N85.02bn, while profit before tax rose from N3.45bn to N4.28bn.

The oil marketer said its earnings per share increased sharply by 23 per cent from 333kobo in 2015 to 409 kobo in 2016.

It said in line with its history of progressive dividend policy, it had proposed a total dividend payout of N2.15bn to be ratified by its shareholders at its next annual general meeting.

The company attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by “cutting-edge customer service delivery.”


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