BY CAROLINE AMOSUN
Conoil Plc, a leading oil and gas company, has released its financial statement for the first quarter of 2023, showing a remarkable increase in profit and an expansion of its asset base.
In a comprehensive income statement for the period ended March 31, 2023, Conoil Plc revealed that its revenue surged by 33.7 percent to N34.97 billion, a substantial rise from N26.15 billion recorded in the same period last year.
The company attributed this impressive growth to increased sales and improved market conditions. The cost of sales also rose to N28.96 billion, indicating the company’s investment in inventory stock.
Gross profit soared to N6.01 billion, compared to N2.84 billion in the previous year, signifying enhanced operational efficiency and cost management.
The company also reported other operating income of N39.67 million, highlighting additional revenue streams contributing to its overall performance.
Administrative expenses amounted to N1.28 billion, slightly lower than the previous year, demonstrating cost control efforts.
Additionally, the finance cost increased to N359.50 million due to higher interest expenses.
Profit before tax grew to N3.69 billion, a substantial growth compared to N742.96 million in the same period last year. The company’s prudent tax planning resulted in an income tax expense of N683.18 million, contributing to a net profit of N3.01 billion for the first quarter of 2023.
The company also reported total comprehensive income of N3.01 billion, indicating a positive outlook for shareholders and stakeholders. Basic earnings per share stood at 434 kobo, reflecting the company’s profitability and potential returns for investors.
The company’s current assets saw a significant increase, particularly in inventories, which rose to N15.18 billion, indicating a strategic investment in stock. Trade and other receivables also increased to N51.34 billion, highlighting strong market presence and customer relationships. The company’s cash and bank balances stood at N6.77 billion, further solidifying its liquidity position.
Equity reached N28.02 billion, with share capital and share premium remaining constant. Retained earnings showed substantial growth, totaling N23.85 billion, showcasing the company’s ability to generate profits and reinvest in its operations.
The financial statement also revealed the company’s liabilities, including non-current liabilities of N751.87 million and current liabilities of N48.07 billion.
Conoil’s borrowing increased significantly to N11.78 billion, indicating the company’s need for capital to fund its operations and expansion plans.
