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+--- Thread: Conoil nets N1.796bn 2018 profit, offers N2 dividend per share (/showthread.php?tid=19430)
Conoil nets N1.796bn 2018 profit, offers N2 dividend per share - Edoman - 07-12-2019
Business and Economy
Conoil nets N1.796bn 2018 profit, offers N2 dividend per share
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DIRECTORS of petroleum products market giant- ConoilPlc, has presented its audited financials for the year ended December 31, 2018, highlights of which was the 13.8% rise in profit, as against the 5.8% increase in sales revenue.
The board also recommended a dividend of N2 per share, just as it paid in the 2017 financial year, from its earnings per share of N2.57, up from N2.27 kobo in the prior year.
According to the result, sales revenue rose from N115.513bn in 2017 to N122.213bn, out of which cost of sales climbed from N102.463bn to N109.442bn, leaving a gross profit of N12.77bn, a marginal drop from N13.049bn in the corresponding period of 2017.
A breakdown of the numbers shows that 95% of the revenue or N116.525bn was derived from the sale of white products, while lubricants fetched N5.687bn or 5%. Also, cost of sales was mainly driven by white products, which accounted for N105.303bn or 96%, resulting in gross profit of N11.221bn; while N4.138bn cost came from lubricants business, with N1.549bn as gross profit.
Other operating income for the period dropped significantly from N2.522bn to N79.012m; just as other gains tumbled to N34.699m from N2.06bn; even as distribution expenses increased to N2.571bn from N1.995bn. Administrative expense, however, fell to N6.238bn from N11.195bn, boosted by the N1.802bn staff cost, as against N1.8bn in 2017; followed by litigation claims which fell from N6.515bn in 2017 to N1.417bn, among others.
Also, finance cost declined from N2.137bn to N1.508bn.
Profit before tax, therefore, stood at N2.566bn from N2.304bn; while tax expense for the period rose slightly from N726.12m to N770.723m, leaving a net profit for the period at N1.796bn, compared to N1.578bn in 2017.