Capital Oil profit fell by 691% in six months

Universal Insurance

Capital oil plc in its financial report for second quarter 2017 is reporting 691% loss to NGN51.6 billion compared to NGN6.5 billion loss recorded same period 2016.

The company ended the quarter with NGN349.8 billion revenue which is 21% lower that NGN442.9 billion recorded in the previous year, costs of sales was 15% lower at NGN 324.7 billion in contrast to NGN383.6 billion in the year before.

Capital oil said its gross profit dropped by 57% to NGN25.0 billion against NGN59.2 billion in the fiscal year 2016 while operating loss increased by 118% to NGN51.6 billion in contrast to NGN23.5 billion in the year before.

Total assets was NGN1.2 billion total assets in the period in under review compared to NGN1.8 billion in the year before while total liabilities was NGN138.1 billion against NGN169.3 billion in the year 2016.

Corporate information

Capital Oil Plc was incorporated on the 29th August 1985 to focus and take advantage of opportunities available in the downstream sector of the Oil and Gas industry in Nigeria. Specifically, the company plays a major role in the marketing and distribution of petroleum products.

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