Conoil announces 53.9% profit increase in Q1

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CONOIL

Conoil Plc has announced an increase in profit of 53.9 per cent in its unaudited financial statements in the first quarter (Q1) ended March 31, 2019.

The company profit after tax increased to N325 million during the period under review as against N211 million recorded in the preceding quarter, representing an increase of 53.9 per cent.

Conoil posted an increase in profit before tax of N478 million in the first quarter (Q1) of 2019 as against N310 million declared in the previous quarter.

Also, revenue leapt by 13.8 per cent to N35.63 billion from N31.31 billion recorded in Q1 of 2018 while gross profit depreciated from N3.06 billion posted in Q1 of 2018 to N2.95 billion in Q1 of 2019, representing a decrease of 3.3per cent.

Recently, the Nigerian Stock Exchange (NSE) suspended trading on the shares of Conoil Plc for failing to file its accounts by the expiration of the grace period.

he suspension was in accordance with Rule 3.1, Rules for Filing of Accounts and treatment of default filing, and Rulebook of The Exchange, which provides that “If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a “second filing deficiency notification” within two business days after the end of the cure period; Suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

According the exchange, the suspension of the companies will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all its applicable rules.

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