Nigeria’s notable petroleum marketing company, Conoil Plc, has reported its highest profit in eight years in the first half of 2021 as revenue returns to pre-COVID-19 levels.
The petroleum exploration and production company grew profit by 213.7 percent to N1.06billion in the first half of 2021 compared to the N338.69billion reported in the same period last year.
Conoil grew its revenue to N67.63billion in the review period, 17.7 percent higher than the N57.45billion recorded in the corresponding period of 2020.
Profit before taxation (PBT) was up by 213.7percent to N1.56billion from N498.08billion in the first half of last year.
Breakdown of the financial result for the half-year ended June 30 2021 revealed that the company grew its shareholders’ funds by 3.9percen, From N19.80billion in H1’20, it increased it to N20.58billion. Earnings per share (kobo) also increased by 213.7percent to 153kobo from 49kobo.
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Analysis of the oil company’s financial results for the last ten years showed the profit reported in the review period is the second highest after the N1.59 billion that was posted in the half-year of 2013.
The company’s financials also revealed how efficient the oil company was in the first six months of 2021 compared to the same period of the previous year. Conoil’s gross profit was up by 8.7 percent in the review period, from N4.78 billion in H1 2020 to N5.2 billion in H1 2021.
A high gross profit margin indicates that a company is successfully producing profit over and above its costs. The net profit margin is the ratio of net profits to revenues for a company; it reflects how much each dollar of revenue becomes profit, analysts said.
