Conoil defies industry slide as Q3 turnover rises
by Iheanyi Nwachukwu
November 1, 2017 | 6:33 am| | | Start Conversation
Conoil Plc, an energy company reported substantial increase in its turnover for the third quarter (Q3) of its 2017 financial year in defiance of the trend among major oil marketers for the financial period under review.
Analysts commended the company’s topline performance in view of the tough operating environment the downstream oil and gas sector has been battling with since the beginning of the year.
The major oil marketer’s unaudited report for the third quarter ended September 30, 2017, which was submitted to the Nigerian Stock Exchange (NSE) on October 30, showed that the company’s turnover increased by 9.8 percent or N6.28 billion, from N63.95 billion in 2016 to N70.23 billion.
Conoil’s gross profit also increased from N9.5 billion in the corresponding period of 2016 to N10.57 billion in the period under review.
Despite the non-payment of huge Petroleum Support Fund (PSF) owed major oil marketers by the Federal Government, the company still recorded positive profit before tax (PBT) of N2.03 billion in 2017 as against N2.72 billion recorded in the preceding year.
Despite the harsh and volatile operating environment, the management of the company attributed the performance to its strong resolve to keep improving on its operations by constantly renewing its products and services to meet the ever-changing demands and expectations of its discerning customers.
“We will quicken our pace and sharpen our strategies in the coming months to meet our goal of moving from competing to winning in the market place, while focusing more on delivery and growth,” Conoil management said on Tuesday.
While the company expects that the economic environment would remain challenging for the last quarter of the year, it assured its numerous shareholders and other stakeholders that, “our ultimate goal is maximum value for our shareholders and excellent service delivery and products to our customers.”
Big Read |