Indigenous oil firm, Conoil Plc has released its result for the nine-month period ended September 30 , 2016 with 54 percent rise in its Profit Before Tax at N2.72 billion from N1.76 billion recorded in the same period in 2015, while profit after tax increased by 51 percent to N1.81 billion from N1.2 billion.
The unaudited results of the oil marketing company submitted to the Nigerian Stock Exchange (NSE) on Wednesday also showed Earnings Per Share increase by 51 percent from N1.72 billion to N2.61 billion, and a six percent increase in revenue from N60.2 billion to N63.9 billion.
The results showed that shareholders funds rose 10 percent to N19.5 billion from N17.7 billion
The firm attributed the growth to efficient allocation of resources, long term and pain-staking strategic business planning and its strict adherence and implementation of global operating standards in all its business processes.
