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.