Conoil grows top-line by 10 pct to ₦70.2b in third-quarter
Conoil Plc grew its top-line by about 10 per cent to ₦70.23 billion in the third quarter as the petroleum-marketing company braced against industry challenges to sustain positive outlook.
Key extracts of the nine-month report for the period ended September 30, 2017 showed that Conoil grew its turnover to ₦70.2 billion in third quarter 2017 as against ₦63.95 billion recorded in comparable period of 2016.
Gross profit rose from ₦9.55 billion to ₦10.57 billion. Profits before and after stood at ₦2.03 billion and ₦1.36 billion respectively in 2017 while earnings per share stood at ₦1.96. Pre and post tax profits stood at ₦2.72 billion and ₦1.81 billion in third quarter 2016.
Market analysts described the company’s performance as commendable citing the tough operating environment in the downstream sector.
Analysts noted that despite the non-payment of Petroleum Support Fund (PSF) owed major oil marketers by the Federal Government, the company still recorded appreciable profit.
The management of the company attributed the third quarter performance to its strong resolve to keep improving on its operations by constantly renewing its products and services to meet the ever-changing demands and expectations of its discerning customers.
“We will quicken our pace and sharpen our strategies in the coming months to meet our goal of moving from competing to winning in the market place, while focusing more on delivery and growth,” the company stated.
While the management of the company expects that the economic environment would remain challenging for the last quarter of the year, it assured its numerous shareholders and other stakeholders that, it remains committed to its ultimate goal of maximizing value to shareholders and excellent service delivery and products to customers.
0 Comments