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Conoil Plc records 24.34% decline in 2020 Q3 revenues 

Conoil Plc reported revenue of N30.65 billion in 2020 Q3 compared to N40.50 billion same period in 2019. 

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CONOIL consolidates success despite industry worries

Conoil Plc – a company that markets refined petroleum products, lubricants, household and industrial chemicals, reported revenue of N30.65 billion in 2020 Q3 compared to N40.50 billion same period in 2019 records 24.34decline in revenues in 2020 Q3.

READ: Banks’ online transactions rise by N12.8 trillion 

READ: Morison Industries Plc records 34.32% increase in 2020 9M revenues

Key highlights for 2020 Q3 

  • Revenue declined to N30.65 billion,24.34% YoY. 
  • YTD revenues from white products declined to N82.68 billion, -23.03% YoY. 
  • YTD revenues from lubricants increased to N5.42 billion, +2.27% YoY. 
  • Other operating income increased to N42.93 million, +38.92% YoY. 
  • Administrative expenses declined to N1.32 billion, -36.04% YoY. 
  • Finance cost declined to N191.36 million, 71.09% YoY. 
  • Pre-tax profits increased to N1.14 billion, +21.49% YoY. 
  • Earnings Per Share increased to 111 kobo, +15.63% YoY. 

READ: R.T. Briscoe declares N618.9 million loss in H1 2020, as sales of vehicles fall 

Bottom Line:  

Conoil Plc recorded declined total revenues in the quarter under consideration compared with the same period in 2019. Year to date revenues from white products revenuegenerating unit declined, while revenues from lubricants increased.

Conoil Plc’s profits increased in the third quarter despite declined revenues, thanks to declined administrative expenses and finance cost, as well as increased other operating income. 

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READ: C&I Leasing Plc records 31.27% decline in 2020 Q3 gross earnings

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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