CONOIL Declares -27% Decline in 2020 FY Profit After Tax

Image Credit: Conoil Plc

June 2, 2021

By Evans CHARLES InvestAdvocate

Lagos (INVESTADVOCATE)-Oil marketing major, Conoil Plc said on Wednesday its post-tax profit for the period ended December 31, 2020 depreciated 27 percent to N1.44 billion from N1.97 billion posted the same period of last year.

Pretax profit of  the oil marketing firm, also declined 24..3 percent to N2.14 billion from N2.83 billion declared the same period of 2019.

Revenue of the company declined by 16 percent to N117 billion from N140 billion declared the previous year, CONOIL said in a filing with the Nigerian Exchange Group (NGX).

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