Conoil Plc is reporting 59% fall in profit to NGN427.2 million in second quarter 2017 compared to NGN1.0 billion reported same period in the financial year 2016.
The petroleum and lubricant retailer ended the quarter with 13% increase in revenue to NGN44.9 billion in contrast to NGN39.5 billion posted in the previous year while gross profit was increased to NGN5.9 billion against NGN5.2 billion in the year before.
Conoil said its total assets at the end of the period was NGN78.1 billion compared to 69.8 billion in the year before while total liabilities was 59.2 billion versus 51.3 billion in the year 2016.
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.