Conoil oil announces 144% increase in profit to 3.082bn

Conoil oil PLC on Wednesday announced 114 per cent increase in profit for the 2021 full year audited financial statement reporting huge increase in profit from N1.440 billion in corresponding period of 2020 to N3.082 billion in the current period.

From the data released by the Nigerian exchange limited (NGX) profit before tax recorded appreciated by 78.6 per cent from N2.145 billion in full year of 2020 to N3.831 billion in full year of 2021.

However, the management of Conoil PLC proposed a total  dividend of 1.040 billion in twelve months of 2020 to 1.734 billion declared in twelve months of  2021, this result released reveals an increase of 66.4 per cent.

From the profit and loss figures, the group total revenue grew 7.9 per cent from N117.4billion in corresponding period of 2020 to N126.71 declared in current period.

Conoil oil PLC earnings per share (EPS) recorded for the period largely increased by 114 per cent from 208 kobo in full year of 2020 to 444 kobo in full year of 2021.

According to the director, company is very conscious in promoting  the right of shareholders, the directed interacted with the shareholders  that  company lays emphasis on effective communication.

The Annual general meeting reports the board renders stewardship to the company’s shareholders beside the past relation, the board has in place other avenue for interaction with shareholders.