Conoil PLC, a major marketer of refined petroleum products has released its audited 2015 result showing the company outperformed its 2014 net profit in spite of a far lower gross revenue in 2015.
As a top line, Conoil said its audited full year 2015 revenue fell by 35.4% to NGN82,9 billion compared to its 2014 revenue of NGN128,3 billion.
However, severe cost cutting measures saw the company shrinking its cost of sales to NGN71,3 billion from NGN114,5 billion the company expended on the same item last year.
Administrative expenses was also shrank further to NGN6,8 billion compared to NGN8,1 billion recorded last year.
All these cost cutting measures saw Conoil delivering better profit for the year. This was up by 176.5% to NGN2,3 billion compared to NGN834,421 recorded in the previous year.
According to its filing, Conoil Plc formerly National Oil and Chemical Marketing Plc was incorporated in 1960 as a private limited liability company. The company was converted to a public company on 29 August 1991.
In the year 2000, the Federal Government of Nigeria through the Bureau of Public Enterprises, BPE bought 40% issued ordinary shares of the company held by Shell Company of Nigeria (UK) Limited. Following the privatisation of the Company, Conpetro Limited acquired 60% of the issued shares of the company.
As a result of a rights offering by the company in 2002, Conpetro Limited now holds 74.4% of the issued capital while members of the Nigerian public hold the remaining 25.6% stake in the company.