Nigerian Oil Firm Conoil Posts $4m Profit After Tax

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Indigenous oil firm, Conoil Plc has recorded a seven percent growth in its profit after tax, posting at N1.7bn ($4.7m) profit for the third quarter of the year, compared with the N1.59bn ($4.4m) recorded in the same period of 2018, Punch Newspaper has reported.

The company’s financial statement showed a 49 percent increase in revenue. The financial statement was made public after officially submitting it to the Nigerian Stock Exchange (NSE)

The revenue for the period increased from N75.8bn in Q3 2018 to N112.7bn in Q3 2019.

The company’s earnings per share also increased to N2.45 per share from N2.29 in 2018 as net assets per share also increased to N26.82 from N26.07.

An analysis of the company’s financial statement showed a decline in total assets from N60.9bn in December 2018 to N53.9bn.

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