The Nigerian Stock Exchange has lifted the suspension placed on the shares of Conoil Plc. This was contained in a notice on its website.
According to NSE
“In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”; the general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted effective today, Wednesday, 8 August 2018.”
Recall that the NSE had this week announced the suspension of trading on the company’s shares over the failure of the company to submit its audited financial statements as at when due.
Results from its Q1 2018 for the period ended 30th March shows revenue increased from N24.4 billion in Q1 2017 to N31.3 billion in Q1 2018. This amounts to a 28.2% increase year on year.
Also, Profit Before Tax also increased from N255 million in Q1 2017 to N310 million in Q1 2018. This amounts to a 21.5% increase year on year.
Conoil Plc (formerly National Oil and Chemical Marketing Plc) was incorporated in 1960 as a private limited liability company. The company was converted to a public company on the 29th of August, 1991.