Conoil sustains profitability as Q3 revenue soars by 49%

Conoilplccontinuedon it streaks of impressive performance this year with the frontline oil marketing company posting an 8 percent increase in Profit Before Tax for the nine months period ended September 30, 2019.

The unaudited results of the company released recently at the Nigerian Stock Exchange (NSE) showed that Conoil recorded a 49 percent increase in revenue to N112.7 billion from N75.8 billion in the same period in 2018. The report also showed that the company declared a profit before tax of N2. 45 billion compared to N2.26 billion recorded in the previous year, an increase by 8 percent while profit after tax (PAT) jumped by 7percent from N1.58 billion in the corresponding nine months period of last year to N1.7 billion in Q3’ 2019.

The performance of the major fuel marketer so far this year showed that it continued to brave the stifling operating environment in the downstream sector of the nation’s petroleum industry. The result indicates that the company’s shareholders are in for another financial year of bumper reward.

The company attributed this sterling performance to the adoption of robust growth strategies, efficient management of resources and total elimination of waste in its operations.

Revealing its edge, the company said it strengthened and repositioned its core businesses, with huge investments in retail network expansion, which involved building multi-million Naira mega stations across the country.