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 24.34% decline in revenues in 2020 Q3.
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.
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 revenue–generating 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.