Indigenous oil firm, Conoil Plc has reported a profit of N2.3 billion for the financial year ended December 31, 2015, indicating a 176.5 percent jump from N834.4 million in 2014.
Although Conoil’s revenue dipped by 35.4 percent from N128.4 billion to N82.9 billion in 2015, cost of sales declined by 37.7 percent to N71.4 billion from N114.6 billion, which led to a 16.3 percent drop in gross profit from N13.8 billion recorded in 2014 to N11.5 million in 2015.
The recently released 2015 results further showed a 1,467 percent increase in other operating income of N2.7 billion from N173.4 million recorded for the corresponding period of 2014.
The management cut down on distribution and administrative expenses by 12 percent to N9.6 billion from N10.9 billion incurred in 2014.
The firm reported that finance cost rose 62.8 percent to N3.8 billion in 2015 as against N2.3 billion in 2014, while the company’s net assets per share increased 10 percent from N2.3 million to N2.6 million in 2015.
The Directors recommended the payment of N2.1 billion as dividend which translates to 300 kobo per share on the results for the year 2015. The proposed dividend is 200 percent higher than N693.95 million for 2014.
