Conoil Plc, a petroleum and petroleum products company in the oil and gas sector listed on the Nigerian Exchange, has announced 107.21 percent revenue growth in its half year (H1) 2024 unaudited results.
According to the unaudited result sent to the NGX, the company’s revenue increased to N180.6 billion in H1 2024 as against N87.1 billion reported in H1 2023.
The profit before tax of the company in the period under review showed 30.6 percent increase at N10.2 billion as against N7.8 billion in H1’2023, while the profit after tax stood at N8.02 billion, representing 28.2 percent increase as against N6.3 billion posted in H1’2023.
Conoil Plc posted a 13.34 percent year-on-year rise in pre-tax profit for the second quarter of 2024 at 4.6 billion, up from 4.1 billion recorded in 2023.
According to the report released in the period ending June 30, 2024, a 71.79 percent year-on-year surge drove the pre-tax profit increase.
Net income also climbed by 13.25 percent year-on-year from 3.2 billion the previous year to 3.6 billion in Q2 of 2024.
This was propelled largely by a massive increase in revenue from the sale of white petroleum products.
The company gained from a surge in the market demand for petroleum products, leading to a 71.79 percent year-on-year revenue increase in Q2 of 2024 compared to the previous year.
This led to a rise in the cost needed to manage the influx of revenue, as the cost of sales climbed by 77.00 percent y-o-y in Q2 of 2024 from -45.9 billion recorded in 2023.
Despite the rise in costs, the company reported a gross profit of 8.2 billion, which is a 33.12 percent year-on-year increase when compared with the previous year.
White petroleum products, including diesel, kerosene, PMS and low-pour fuel oil, made up 97 percent of reported revenue, lubricant sales accounted for the remaining three percent.
Conoil’s year-on-year pre-tax profit ascent by 13.34 percent in Q2 of 2024 depicts the health and profitability needed to strengthen the confidence of shareholders.
At earnings per share of N5.30, which appreciated from N4.68 recorded the previous year, the profit earned by the company per outstanding share of common stock increased by 13.25 percent year-on-year.
This was largely due to the increased number of shareholders, who drove the demand for the stock.
Conoil is currently trading at N144.00 per share after surpassing the technical level of N116.57.
READ ALSO: Oyo LG chairmen dissociate from ALGON, to operate under new association
