Conoil-Station-23Conoil Plc has rekindled its 2013 half year performance with yet another outing for the third quarter of the year.
According to Conoil’s unaudited report submitted to the Nigerian Stock Exchange (NSE) at the weekend, its profit before tax rose to N3.08 billion from N699.4 million recorded during the same period last year, which represented 341 per cent increase.

Also, demonstrating its efficiency in the management of resources, Conoil posted 329 per cent rise in profit after tax from N487.2 million in 2012 to N2.09 billion, while revenue also rose from N114.7 billion to N121.8 billion. Its earnings per share (EPS) also rose sharply by 330 per cent from 70 kobo to N3.01.

Capital market watchers are of the opinion that, going by the excellent performance thus far this year, the company will end up with higher dividend for its shareholders at the end of the current financial year compared to what it paid last year.
Predictably, the capital market has reacted positively to the sterling performance of the company with a surge in the demand for its stocks by investors resulting in 62 per cent jump in its share price between June and October this year
“The performance is very much in line with the commitment of the board to continue to make progress towards delivering superior shareholder value,” the company said.

Chairman of Conoil Plc, Dr. Mike Adenuga,  had while reviewing the company’s performance for 2013 at its 43rd annual general meeting, assured shareholders that the company remained committed to growing its business in order to maintain its leadership position in the downstream petroleum sector.

“While we are certainly not immune to the challenges the downstream petroleum sector is still expected to face in the coming year as a result of non-deregulation of the sector, let me quickly assure you that your company is better positioned to weather the storm,” Adenuga promised.

He added: “We have committed substantial investments to reinvigorate the totally deregulated and high margin-yielding lubricant business with the aim of growing value for our shareholders through robust profitability, riding on our competitive edge. On this score, the company has upgraded and expanded its lubricant blending plants at its depots at Apapa, Lagos, Port Harcourt and Kano with a view to meeting and surpassing customers’ ever increasing demand for our quality engine oil brands.”

“We have also ensured that our business generates immense value by creating jobs and supporting local business development. Our strategy in retail is to provide top quality products and services that will make customers want to always patronize us for their fuel and non-fuel needs. On this score, we are not resting on our oars on our aggressive acquisition and expansion drive that aims at increasing, substantially, the number of our retail outlets nationwide,” he said.


Information from This Day was used in this report.