CONOIL Reports N2.3 Billion Pretax Profit, Offers Investors N2.00 Total Dividend in 2017

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Conoil Plc has according to its reports released to the market last Friday said that its pretax profit for the period ended December 31, 2017 decreased by 45.2 percent to N2.3 billion when compared with the N4.2 billion recorded in the preceding year of same period.

Profit after tax (PAT) of the company also reportedly dropped by 44.38% percent to N1.58billion in 2017 from N2.84 billion posted in the corresponding period of 2016.

However, revenue of Conoil inched up from N85 billion in 2016 to N115 billion as declared in the review period of 2017, appreciating by 36%.

The oil marketing firm proposed a decrease final dividend of N2.00 per share compared to N3.10 paid a year earlier; indicating a slide in dividend by 35.48%.

Accordingly, the frontline major oil marketer, in line with its history of progressive dividend policy, the proposed dividend payout amounts to N1.40 billion which would be ratified by its shareholders at its next annual general meeting (AGM).

In the same vein, the company’s earnings per share decreased by 44.50% to N2.27 kobo in 2017 from N4.09 kobo posted in 2016.

Also Grief Nig. Plc reported a total N312.8 million in the second quarter ended in April 2018 compare to N768.7 million posted in the corresponding year of 2016, implying a drop of 59%.

Profit after tax (PAT) of the company also declined massively by 98.95% to N614 thousand of the period under review from N58.4 million

More also, the (EPS) as posted showed a short fall of N12.7 from N13.7 of the corresponding period of 2017 to N1.00 of the current period under review, representing a decline of 99.27%

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