Indigenous petroleum marketer, Conoil Plc, has reported a gross profit of N3.318bn for the first quarter of 2017, representing 67.66 per cent earnings rise compared to N1.979bn posted in the first quarter of 2016, The Punch reports.

The improved financial performance for the first quarter ended March 31, 2017, showed a revenue of N24.474bn, which is an increase of 28 per cent over the N19.042bn recorded in the corresponding period of 2016. Its profit after tax stood at N174.458m in 2017, compared with a loss of N944m in 2016, a statement by the oil major said. Thus, it added that it was raising investors’ expectations for another bountiful harvest at the end of the year.

The frontline petroleum marketer, had last Wednesday announced a profit after tax of N2.837bn and proposed a dividend of 310 kobo per share for the 2016 financial year. The Chairman of Conoil Plc, Dr. Mike Adenuga had assured shareholders that in the face of the gloomy economy, the company would always strive to be one of the fastest growing and profitable companies in the country.