Conoil reports 23% decline in profit to N1.52bn

By Kayode Tokede

Conoil Plc has reported 23 per cent decline in profit, as disclosed in its unaudited financial statements for full year ended December 31, 2020.

The petroleum marketing company  in its results to the Nigerian Stock exchange (NSE) on Monday reported profit of N1.52billion in full year ended December 31, 2020 unaudited results compared to N1.97billion reported in full year audited results for full year ended December 31, 2019.

The company also reported 27 per cent decline in tax to N626 million in 2020 from N860.15million in 2019.

Also, profit before tax dropped by 24 per cent to N2.15billion in 2020 as against N2.8billion reported in 2019.

The decline in profit dragged Earnings Per Share to N2.19 per share, 23 per cent below N2.84 reported in 2019. However, the company is yet to declare dividend in the year under review.

The decline in profit can be attributable to decline in revenue that dropped from, N139.76billion in 2019 to N117.5billion reported in 2020 unaudited results.

In the period under review, Conoil reported one per cent increase in retained earnings to N15.43billion in 2020 as against N15.29billion reported in 2019, bringing shareholders funds to N19.59billion in 2020 as against N19.47billion reported in 2019.