Conoil Nigeria Plc has reported revenues of N90.29 billion in the first 9 months of 2022 down 10.6% when compared to the N100.9 billion reported same period in 2021.
Pre-tax profits for the first 9 months of the year was N2.9 billion compared to N1.59 billion same period last year. The increase in profits in this period compared to the year before is largely due to better margins as it reported 11.5% gross profit margin during the quarter compared to 7.9% same period in 2021.
Streamlining into the most recent quarter (2022 Q3), revenues rose lightly to N34 billion (2021 Q3: N33.3 billion). The company also reported improved gross margins during the quarter managing to keep 10.8% of revenues as gross profits compared to 8.4% same period in 2021.
Conoil generated just N112.7 million as of September 2022 and relied on overdrafts to fund its N1 billion in interest paid. Conoil has a loan of N8.2 billion borrowed at an average 14.7% per annum.
A further review of the results shows revenue from white products otherwise known as fuel N81.9 billion while its lubricants business contributed N6.7 billion. Conoil recorded zero revenues and cost of sale from its LPG division suggesting the business may not be operational.
EPS for the quarter printed 162 kobo compared to 77 kobo last quarter. On a year-to-day basis, earnings per share is now N4.23 per share.
Conoil’s share price close