Following the filling of its audited financial statement for the year ended December 31, 2018, the authorities of the Nigerian Stock Exchange (NSE) has lifted the suspension on the shares of Conoil Plc. Recall that on July 2, 2019 the NSE suspended trading in the shares of eleven companies due to their inability to file their financial statements as at when due.
The other companies that were penalised are FTN Cocoa Processor, Goldlink Insurance, Guinea Insurance, Lasaco Assurance, Niger Insurance and RT Briscoe. Others are Resort Savings & Loans , Royal Exchange, Standard Alliance Insurance and Universal Insurance.
Announcing the lifting of the suspension last week, Godstime Iwenekhai, head listings regulations department at the NSE indicated that the NSE’s decision was in line with its Rule 3.3 of the Default Filing Rule.
“The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, 5 July 2019”, Iwenekhai stated.
Consequently, investors traded 331,941 shares of Conoil Plc last Friday worth N7.79 million to close at N23.80 per share having gained 9.93 percent on Friday. Year to date, its share price has gained 2.4 percent.
Revenue for the period ended December 2018 rose to N122.2 billion up from N115.5 billion in same period in 2017. Cost of sales reflected the challenging Nigerian challenging business environment as it rose to N109.44 billion as against N102.5 billion in 2017. As a result, gross profit was flat at N12.8 billion compared with N13.04 billion in similar period in 2017. Profit after tax and the total comprehensive income for the period stood at N1.79 billion as at December 2018 in contrast to N158 billion realised same period in 2017.
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