25 August 2008
CONOIL Plc has announced N75 billion turnover in its unaudited results for the first six months ended June 30, 2008, which showed an impressive performance in all the business indices. This represents 129 per cent increase over the N32.82 billion posted in the same corresponding period in 2007. Profit
From left: Executive Director, Conoil Plc, Prince Babajide Adenuga; Chief Executive Officer, Clear View Securities Limited, Rev. Olu Odejimi; Executive Director, Finance and Administration, Conoil Plc. Mr. Joshua Ariyo; and Chief Executive Officer, Dynamic Portfolio Limited, Mr. Remi Lsaki, during Conoil's pre-annual general meeting business luncheon at Eko Hotel and Suites, Victoria Island, Lagos, last week.
Before Tax (PBT) rose by 215 per cent to N3.902 billion as against Nl .238 billion in 2007, while Profit After Tax (PAT) stood at N2.653 billion, about 206 per cent above the N866 million profit earned in 2007.
Speaking at the pre-Annual General Meeting (AGM) press briefing, weekend, Executive Director, Finance and Administration of the company, Mr. J.O Ariyo said: "These results are in line with the promise of the Board and management to put smiles on the faces of shareholders this year by posting these achievements with the hope of significantly increasing dividend payout at the end of the financial year. The Board of Directors is determined to sustain these performances, projecting that its profit and turnover for full year 2008 will hit N8 billion and N175 billion respectively".
Continuing he said "As was demonstrated with the sterling performances recorded in the first three months of this year, the current momentum of string performance will follow through into the nine months and full year,"
He further declared that Conoil had posted a turnover of N32.9 billion during the first quarter (January - March) this year, representing 104 per cent increase over the N 16.138 billion earned in the same period in 2007. Profit Before Tax (PBT) rose by 161 per cent to Nl.598 billion, as against N613 million in 2007, while Profit After Tax (PAT) stood at N 1,087 billion, about 153 per cent above the N429 million profit earned in 2007.
Ariyo, disclosed further that strategies had been put in place by the management to maintain its profit-making capacity, as this has began to yield dividend. These include the returns on the investment of about $159 million (N19 billion) on petroleum products to boost fuel supply, the 100 per cent increase in the production of lubricants, the expansion of its storage depots spread across the country that bolstered Conoil's fuel supply and distribution capacity as well as lucrative contracts for aviation fuel supply sealed with leading local international airlines.
Conoil, a frontline player in the downstream petroleum industry, is determined to sustain its record of profitability and further enhance its impressive performance in the downstream sector, through implementation of strategic development projects aimed at boosting its market share in the core businesses.
According to the Executive Director, Finance and Administration, " Conoil has constantly explored new ways to leveraging its expertise to provide world class products and services , investing its financial and technical resources in the development of high-performance products and in the provision of services that surpass international standards".
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