Conoil sustains profitability, as Q3 revenue soars by 49%

Conoil Plc continued on it streaks of impressive performance this year with the frontline oil marketing company posting an 8 percent increase in Profit Before Tax for the nine months period ended September 30, 2019.

The Unaudited results of the company submitted to the Nigerian Stock Exchange (NSE) on Monday, showed that Conoil recorded a 49 percent increase in revenue from N112.7 billion from N75.8 billion in the same period in 2018, indicating that the company’s shareholders are assured of another bumper reward in the 2019 financial year.

The report also showed that the company declared a profit before tax of N2. 45 billion compared to N2.26 billion recorded in the previous year, while profit after tax also jumped from N1.58 billion last year to N1.7 billion this year.

The performance of the major fuel marketer so far this year showed that it continued to brave the stifling operating environment in the downstream sector of the nation’s petroleum industry.

The company attributed this sterling performance to the adoption of robust growth strategies, efficient management of resources and total elimination of waste in its operations.

BusinessDay conference on investing in capital markets begins in Abuja

By Innocent Odoh • October 31, 2019

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.