Shareholders of Conoil Plc are most likely rubbing their hand with glee after scanning through the unaudited half-year report of the company which was released during the weekend. This is because the earnings per share of the company from 52 kobo to 150 kobo, representing 190% increase.
This is one of the glowing points of a report that analysts say has surpassed expectations considering the volatility of the downstream oil sector and the economy in general.
Other highlights of the report submitted to the Nigerian Stock Exchange show that the company’s profit after tax increased from ₦359.4 million in 2015 to ₦1.04 billion in 2016. The company last year paid ₦3 on every 50 kobo share up from ₦1 Paid in 2014. With the present results, shareholders can expect to earn even more at the end of the financial year.
The performance of the company has not gone unnoticed in the stock market with several investors demanding for them. So far, Conoil investors have reaped a return of 34 per cent in the last two weeks, as the equity appreciated in value.
“The result shows that we out-performed our previous year both in the top-line and should exceed our bottom-line performance at the current run-rate.” Independent Nigeria quotes the company as saying
Parts of this article original appeared in Independent Nigeria