Conoil Plc has released its financial statement for the period ended June 30, 2023, revealing significant growth and promising prospects. The company’s Statement of Profit or Loss and Other Comprehensive Income for the first half of 2023 showcases impressive revenue figures and an increase in profit compared to the same period last year.
Revenue during the period under review reached a remarkable Naira (N) 87.1 billion, showing substantial growth from N56.3 billion in the first half of 2022. This growth can be attributed to the company’s strategic efforts and a favorable business environment.
Conoil Plc successfully managed its cost of sales, which amounted to N74.9 billion for the first six months of 2023, compared to N49.6 billion in the same period last year. This resulted in a gross profit of N12.2 billion, showcasing an impressive increase from N6.7 billion in 2022.
Other operating income also contributed to the company’s success, totaling N94.3 million for the first half of 2023, compared to N61.8 million in the corresponding period last year.
Despite facing challenges in certain areas, Conoil Plc managed its expenses efficiently. The company reported a distribution expense of N1.2 billion and administrative expenses of N2.6 billion in the first six months of 2023.
Conoil’s Profit before Tax for the period soared to N7.8 billion, which is a significant improvement from N2.4 billion recorded in the same period last year. This highlights the company’s effective financial management and business strategies.
After accounting for taxes, the company’s Profit for the Period stood at N6.3 billion marking a substantial growth from N1.8 billion in the first half of 2022. Conoil Plc’s Total Comprehensive Income for the period reached N6.3 billion.
The company’s earnings per share also demonstrated impressive growth. Basic earnings per share reached 901 kobo, compared to 261 kobo in the first half of 2022, indicating a remarkable increase in shareholder value.
Looking at Conoil Plc’s balance sheet, the company exhibited strength in its asset base. As of June 30, 2023, the company’s total assets amounted to N81.3 billion compared to N65.9 billion at the end of 2022.
Non-current assets stood at N3.3 billion including property, plant and equipment, intangible assets, investment property, and deferred tax assets.
The company’s current assets reached N77.9 billion with inventories, trade and other receivables, and cash and bank balances forming a substantial part of the current asset base.
Conoil Plc’s equity also exhibited healthy growth, with total equity amounting to N31,267,011,000. Share capital, share premium, and retained earnings were the key components contributing to the company’s equity.