A Review of the Nigerian Energy Industry

Conoil half year revenue up by N3.4bn

conoil22 August 2013, Lagos – Conoil Plc has recorded impressive result with a revenue growth of N3.4 billion for the six months period ended June 30, 2013.

Specifically, the company’s revenue rose to N79.6 billion from N76.2 billion, while Earnings Per Share, EPS, increased significantly from 65kobo to 230 kobo.

According to the result released on the Nigerian Stock Exchange, NSE, Conoil recorded a Profit After Tax, PAT, of N1.6 billion for the half year financial period ended June 30, 2013. This represents an increase of 255 percent over N450.9 million recorded in the corresponding period of 2012.

In a statement issued by the company, management stated that the performance demonstrated the company’s resilience to overcome the overwhelming challenges in the downstream oil sector.

The company also declared a whopping N1.98 billion as profit before tax as against N663.1 million recorded in the corresponding half year period in 2012.

Revenue rose to N79.6 billion from N76.2 billion, while Earnings per Share, EPS, increased significantly from 65 kobo to 230 kobo.

The company attributed this sterling performance to the adoption of robust growth strategies, efficient management of resources and total elimination of waste in its operations.

The company assured its shareholders of its optimism to sustain and grow the impressive performance in the remaining six months of the year. It also assured juicier returns for shareholders at the end of the current financial year

Revealing its edge, the company said it strengthened and repositioned its core businesses, with huge investments in retail network expansion, which involved building multi-million Naira mega stations across the country.

In the statement issued to announce the result, the company emphasised: “For us, the downstream remains fundamentally attractive now, in the medium and long term.”

– Peter Egwuatu & Nkiruka Nnorom, Vanguard

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