Proshare Logo
   Market Date: 24-10-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Conoil Plc promises better dividends

Category: Corporate Earnings


  Read (2353)
Conoil Plc promises better dividends

November 08, 2006/guardian


 

 

Conoil Plc yesterday presented a 28 per cent increase in its Profit Before Tax (PBT) for the nine months ended September 2006 to stockbrokers on the Nigerian Stock Exchange (NSE).


By the result, which was presented yesterday, the PBT appreciated by 28 per cent to N2.826 billion in 2006 down from N2.2 billion in 2005.


Turnover also rose by 37 per cent to N65.05 billion against N47.49 billion earned during the same period in 2005.


Presenting the facts behind the figure of the company, the Managing Director/Chief Executive Officer of Conoil, Engr. Shina Tychus said the after tax profit for the same period stood at N1.978 billion indicating a 28 per cent increase over N1.54 billion recorded in the previous year.


He said the higher profit margin posted by Conoil for the period in view was the result of the strong and effective cost management of staff.

According to him, the performance is laudable, especially as the general trend in the petroleum marketing industry showed a drop in profit margin during the period due to rising open cost.

The company has earlier recorded a turnover of N75.5 billion in 2005 against N60 billion in 2004 over an after tax profit of N2.6 billion up from N2.2 billion in 2004.

Tychus said the company has developed innovative means of manufacturing and distributing its products nation-wide, where mega stations are being built across the country with the plan to build at least one mega station in each capital of the 36 states in the federation.

\"The plan is in consonance with the company\'s determination to sustain its record of profitability and further enhance its impressive performance in the down-stream sector, through implementation of strategic development projects aimed at boosting its market share in the core businesses,\" he noted.


He explained that the company has continued to consolidate its leadership position in aviation fuel business by expanding its frontiers in the international market and consistently growing patronage.

He added that the current venture into the marketing of Liquefied Petroleum Gas (LPG), known as cooking gas, under the brand name \"CONGAS\" has been described by industry watchers as another strategic move expected to change the face of LPG business in the downstream sector of the petroleum industry.

Meanwhile, Spring Bank Plc will today list its 11, 321, 143, 263 consolidated ordinary shares of 50 kobo each at N6.00 per share.



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Corporate Earnings

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint