Capital Oil Reports NGN26 Million Loss For 2015

Capital Oil

Capital Oil PLC has released its audited annual revenue for 2015 showing its gross fell to NGN350 million. This is approximately 43% fall when compared to NGN619 million reported by the company in 2014.

However, the company cut its cost of sales by 48% to NGN299 million compared to NGN577 million spent on production in 2014. This went a long way in shoring up its gross profit to NGN50,7 million compared to NGN41,5 million recorded in the previous year.

However, the company’s other income is not really adding anything to its bottomline. Its other income for the year was NGN544,584.

The company reported a net loss of NGN26 million for the year. This is a 28% reduction when compared to the loss for 2014 NGN36,8 million.

The company’s current ratio is still healthy with a NGN570 million compared to its current liabilities put at NGN191 million.