Conoil Plc posts N4.28bn PBT in 2016

By Chinenye Anuforo

Nigeria’s leading petroleum product marketing company, Conoil Plc, has posted a profit before tax (PBT) of N4.28 billion in 2016 rising from N3.45 billion in 2015.

The company in a press release noted that it capitalised on every emerging opportunity in the sector by exploring new income streams to grow its market share.

Elaborating further on its 2016 financial results, the company stated that it was able to achieve excellent results because of initiatives launched to strengthen its income base in the core segments of the business, especially retail, lubricants and aviation fuel marketing amidst challenging economic conditions in the country.

“We launched initiatives to strengthen our income base in the core segments of the business, especially retail, lubricants and aviation. We also reinforced our sales force with core competencies and consolidated on our dominance in the aviation business while investing in modern equipment and bringing in more strategic customers.”

“The company recorded a profit before tax of N4.28 billion in 2016 from N3.45 billion in 2015, which is an increase of 24 per cent and overall the company’s financial performance showed persistent resilience amidst challenging economic conditions in the country”, the oil firm revealed.

According to the statement, “the result also shows growth across all key financial indices. Its profit after tax increased from N2.30 billion in 2015 to N2.84 billion, representing a 23 per cent rise. Its revenue increased from N82.9 billion to N85.02 billion.

Accordingly, the shareholders of the major oil marketer, in line with its history of progressive dividend policy, ratified a total dividend payout of N2.15 billion.

The nation’s foremost indigenous petroleum marketer thereafter assured its shareholders of its unwavering commitment to continue to deliver a healthy performance that is consistent with its vision by delivering exceptional service to its customers and adding value to its shareholders’ investment.

In the opinion of capital market operators, this performance has further raised the bar of the strategic positioning of Conoil Plc as truly the nation’s marketer of choice.

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