CONOIL PLC RELEASED ITS RESULTS FOR QUARTER 2 OF 2021
Conoil Plc (CONOIL) posted revenue of NGN67.6 billion in the first six months of the year 2021, up from NGN57.5 billion in the corresponding period of the preceding year. Its white products accounted for NGN63.7 billion or most of the revenue made in the half-year of 2021; lubricants produced the remaining 5.8% of revenue as the company did not make any revenue from its Liquidified Petroleum Gas (LPG) business segment. Gross profit grew 8.9% to NGN5.2 billion for the period ended 30 June 2021. Profit Before Tax (PBT) more than tripled what was achieved in the first six months of last year. Conoil made a Profit After Tax (PAT) of NGN1.1 billion in the first half of the current year compared to NGN338.7 million in the first half of 2020.
- Revenue increased across two major segments
The white products business segment grew its revenue by 16.9% year-over-year while lubricants recorded a revenue increase of 32.6% over the corresponding period of the previous fiscal year. The white products sold by CONOIL are Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO) and Low-Pour Fuel Oil (LPFO). The lubricants include Lubricants Transport, Lubricants Industrial, Greases, Bitumen and Process Oil.
- PBT and PAT margins improved year-over-year
PBT margin of CONOIL was 2.3% in the half-year of 2021 compared to 0.9% achieved in the first half of the 2020 financial year. Similarly, the PAT margin gained 100 basis points to 1.6% at the end of June 2021. However, the gross profit margin was down from 8.3% to 7.7%. A drop in gross profit margin was caused by the white products segment. In fact, the gross profit margin of the lubricants unit jumped from 35.6% as at 30 June 2020 to 41.9% as at 30 June 2021; the gross profit margin of the white products declined from 6.8% to 5.6% year-over-year.
- Shareholders' fund improved
Shareholders' fund gained 3.9% year-over-year. Book Value Per Share also got better from NGN28.54 to NGN29.66. Earnings Per Share leaped t0 NGN1.53 from NGN0.49.
ABOUT CONOIL PLC
Conoil Plc distributes petroleum and petroleum products in Nigeria. The company was established as a private company in 1960. Conpetro Limited, the major shareholder, owns 74.4% shareholding of CONOIL. Dr. Mike Adenuga (Jr) chairs the board of directors while Mr. Kheterpal Hardeep Singh is the company's managing director. READ THE FULL REPORT ON CONOIL PLC HERE