CONOIL PLC PERFOMANCE FOR THE PERIOD ENDED 30TH SEPT., 2020

Conoil Plc is a Nigerian petroleum marketing company involved in the sale of Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO), Automotive Gasoline/Grease Oil (AGO), Lubricants and Liquefied petroleum gas (LPG). 

The following is the snapshot of the firms’s unaudited financial statement for the period ended 30 September, 2020.

	Sept 2020 (N’000)	Sept 2019 (N’000)	% Change
Revenue	88,101,378	112,722,803	(22)
Profit Before Tax	1,633,533	2,453,272	(33)
Taxation	(522,731)	(753,048)	(31)
Profit for the Period	(1,110,802)	(1,700,224)	(35)
Retained Earnings	16,406,795	14,441,647	14
Earnings/Share (kobo)	160	245	(35)
Share Price (N)	19.05	15.40

SPOTLIGHT

·       The COVID-19 pandemic has significant effects on global markets, supply chains, businesses, and communities of which Conoil Plc is not excluded

·       The Federal Government of Nigeria on 17th day of March 2020 announced the reduction of the pump price of Premium Motor Spirit (PMS) from N145 per litre to N125 per litre until September 2nd and reviewed to N151.56 per litre.

·       Conoil is in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of products. The Federal High Court gave judgment in favour of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was delivered. However, the firm has appealed against the judgment. The current value of the judgment sum is N4.3 billion. Meanwhile, a full provision of N4.3billion has been allocated in the contingent liabilities to mitigate any possible future loss.