In the most challenging year for Nigerian companies, Conoil PLC, a downstream oil major has posted a net profit of NGN2.8 billion for the financial year.
In comparison to its 2015 result, the result shows a 23% year on year growth in profitability, a positive result given the worst recession that engulfed Africa’s largest economy since the second quarter of 2016.
Total revenue for the full year was NGN85 billion compared to NGN82,9 billion in 2015. This is a 2.5% year on year growth. It is evident Conoil engaged in serious cost-cutting measures to achieve a higher profit for the year.
Profit after tax saw a bigger jump with 24.1% year on year growth to NGN4.2 billion compared to NGN3,4 billion posted in the previous year.
Total assets for the period was NGN69,8 billion compared to NGN51,3 billion posted as total liabilities.
About Conoil
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.
