Nigeria: Conoil Plc grows profit by 114%, earns N126 billion

Conoil Plc, a marketer of refined petroleum products in Nigeria, has reported 114% increase in profit after tax from N1.44 billion to N3.08 billion, in its full-year 2021 financial statement released on Tuesday.

The company’s revenue grew from N117.4 billion to N126.7 billion and the cost of sales increased by 7% from N107.6 billion to N126.7 billion.

Gross profit for the company increased from N9.8 billion to N11.1 billion and the company’s profit before tax increased to N3.83 billion which is 79% greater than the previous year.

A total dividend of N1.04 billion was paid for the year and the company’s earnings per share increased from N208 to N444.

Conoil’s total assets increased by 10% from N48.8 billion to N53.9 billion while its total liability decreased 18% from N964 million to N791 billion, indicating that the company used more equity to finance its activities for the year.

The company used N4.55 billion for operations, N38.4 million for investments and N1.79 billion for financing which makes its cash and cash equivalents for the year to be negative.

The company’s net debt to equity ratio increased from 1% to 34%, an indicator that more debt is obtained in 2021 compared to the previous year.