[upme_private]Conoil Plc released its 2013 H1 results showing revenue rose 4.5% to N79.6billion (2012 H1: N76.2billion). Gross profit also rose 7.7% to N8.3billion when compared to the same period last year. The company was also able to reduce its operating expenses by about N436billion helping boost operating profit to N3billion 52% higher than N1.9billion posted in 2012. The effect of the reduction of about N18billion in loans also saved the company about N300million in finance cost.
The company went ahead to post a Pre-tax profit of N1.9billion a 199% increase from the N663million it post same period 2012
- The result was obviously borne out of an effective cost cutting operation whilst also itching up revenue.
- The company management also attributed “the performance to the adoption of robust growth strategies, efficient management of resources and total elimination of waste in its operations”.
- Operating expenses rose 21% to N11.2billion in 2012 making this result particularly impressive.
- Results for the second quarter of 2013 also indicate a strong top line performance on a QoQ basis as the company improve revenues by 10% to N41.7billion in Q1 (Q2: N37.8billion).
- Though operating expenses was on the rise this quarter, it was not enough to drag down the company’s performance.
Conoil 2013 H1 results was released in the website of the NSE[/upme_private]