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Conoil Half-Year Profit Down 59% To N427.29m

Petroleum products marketing giant, Conoil Plc, on Friday presented its unaudited result for the half-year ended June 30, 2017, showing that while revenue from sale rose by 13.7%, net profit dropped 59%, despite the 61.8% reduction in tax expenses for the period.
Specifically, revenue rose to N44.925bn, all of which was generated within Nigeria, from N39.514bn, while cost of sales jumped to N38.933bn from N39.514bn, leaving gross profit flat at N5.991bn from N5.243bn in the first half of 2016.
A further breakdown of the figures showed that revenue, cost of sale and gross profit from white products stood at N42.346bn, N37.07bn and N5.275bn respectively, with the remaining coming from sale of lubricants, while the LPG business was almost non-existent during the period.
Other operating income dropped to a mere N96.564m from N1.966bn; distribution expenses fell from N1.085bn to N858.456m, with freight costs amounting to N813.247m, down from N1.017bn. Administrative expenses stood at N3.52bn from N3.53bn, the bulk of which was provision for litigation claims, which jumped 100% from N450m in the 2016 half-year to N900m
Finance cost was also curtailed to N627.909m, down by 59.9% from N1.566bn in the first half of 2016; while tax expenses dropped from by 61.8% from N524.8m to N200.619m.
Profit for the period stood at N427.29m, as against the previous N1.042bn, representing earnings per share of 62 kobo, down from prior half-year’s 150 kobo.

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