A challenging H1 for Conoil Plc as PAT slumps 67%
Revenue plunged 20.4% to N57.5 bn Total company assets fell 15.7% to N53.6 bn
CONOIL NIGE RIA PLC, NI GERIA’S petroleum marketing company, experienced a challenging half year in its operations with the company reporting a 67.2 per cent slump in profit after-tax for the period ended June 30, 2020.
The firm reported PAT of N0.3 billion, a figure well below the sum of N1 billion it posted for the same half year period of 2019.
The petroleum marketing firm, in its unaudited financial statements released through the Nigerian Stock Exchange (NSE), also recorded a decline in first half revenue by 20.4 per cent from N72.2 billion posted in 2019 to N57.5 billion. The slump in its numbers continued into profit before taxation (PBT), which declined by 67.2 per cent from N1.5 billion posted in the corresponding period of 2019 to N500 million reported in H1 2020.
A further look into the financial data for the period shows that Conoil’s gross profit fell from N6.7 billion in 2019 to N4.8 billion after 6 months of 2020, a 28.6 per cent drop when compared on a year on year basis.
However, the company positively grew shareholders’ funds grew by 10 per cent to N19.8 billion, up from N17.9 billion posted in the corresponding period of 2019. While total inventories stood at N7.1 billion in H1 2020, falling by 27.4 per cent from N9.8 billion reported during the corresponding period of last year.
Also, retained earnings witnessed an expansion of N1.86 billion, rising by 14 per cent from N13.77 billion in H1 2019 to N15.63 billion during the period under review, as well as the total equity of the firm, which surged to N19.8 billion during the period under review, from N19.5 billion. This figure represents a 1.7 per cent increase.
The unaudited financials revealed that the Earnings per share (EPS) depreciated by 67 per cent from 149 kobo in H1 2019 to 49 kobo in H1 2020, as the total company assets also depreciated by 15.7 per cent to N53.6 billion in H1 2020 from N63.6 billion in H1 2019.