Conoil, a petroleum marketing company in Nigeria, has recorded a 196 percent increase in its earnings per share for the first nine months of 2023.
BusinessDay findings from the company’s financial statements show that its earnings per share rose to N12.52 in the first nine months from N4.23 in the same period of 2022.
This increase signifies an improvement from the slump of N4.23 from N30.43 in the same period of 2021.
Conoil’s shareholders fund grew to N33.7 billion from N24.7 billion. The weighted average number of ordinary shares for basic earnings per share stands at 693.95 billion year-on-year.
The profit for the period grew by 196 percent to N8.69 billion from N2.94 billion while profit before tax amounted to N11.05 billion from N3.93 billion.
Revenue increased to N137.89 billion from N90.29 billion. The revenue growth was driven by white products segment which contributed N133.65 billion while Lubricants contributed N4.24 billion.
The white products segment is involved in the sale of Premium Motor Spirit (PMS), Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO) and Automotive Gasoline/grease Oil (AGO).
The products under the lubricants segment are Lubricants transport,
Lubricants industrial, Greases, Process Oil and Bitumen.
The firm’s cost of sales of sales increased to N120.65 billion from N79.85 billion. Cost of sales incurred on white products accounted for N72.49 billion while N7.36 billion was incurred for Lubricants.
Inventories stood at N27.02 billion, consisting of White products worth N23.27 billion, Lubricants worth N3.75 billion and LPG worth N729,000.
Conoil’s other operating income dropped to N94.37 million from N145.85 million.
It was able to cut down costs on distribution and administrative expenses as distribution expenses dropped to N1.41 billion from N1.68 billion while administrative expenses amounted to N3.67 billion from N3.95 billion.
Finance cost grew to N1.21 billion from N1.03 billion. Conoil paid N2.36 billion as income tax expense from N990.04 million. Service income dropped to N94.37 million from N145.45 million.
The firm incurred N155.56 million as marketing costs year-on-year while freight cost dropped to N1.25 billion from N1.52 billion.
Total assets rose to N89.51 billion in September 2023 from N65.91 billion in December 2022. Total equity grew to N33.7 billion from N25.01 billion during the period.
Total liabilities rose to N55.81 billion in September 2023 from N40.9 billion in December 2022.
Net cash generated/used in operating activities stood at a negative of N5.74 billion from a positive of N4.08 billion while net cash used in financing activities stood at a negative of N1.21 billion from a negative of N3.21 billion.