Conoil targets 65% increase over 2010 profit

SHAREHOLDERS ofConoil Plc are in forbountiful returns, going by the consistency in its returns to the Nigerian Stock Exchange (NSE) since the beginning of the current financial year.There are also indications that the company will end the year with an increase of 65 percent profit over its last year's full result.Its unaudited third quarter result recently submitted on the floor of the NSE showed increase of 78 per cent in its profit before tax (PBT) from N2.6 billion in 2010 to N4.6 billion in 2011.Conoil also posted 78 per cent increase in profit after tax (PAT) from N1.7 billion in 2010 to N3.1 billion in 2011, while it recorded turnover of N120.3 billion in 2011 from N64.8 billion in 2010, representing a 86 per cent increase.Industry analysts are of the opinion that the company might surpass the N6.5 billion full year profit forecast, considering the fact the fourth quarter of the year is usually the busiest in terms of business activities in the downstream sector of the petroleum industry.The current performance is coming on the heels of the company's last two quarters' results.While the first quarter result showed 714 per cent jump in PBT from N214 million in 2010 to N1.3 billion in 2011 and a sharp increase in PAT from N145.7 million in 2010 to N1.2 billion in 2011, its second quarter recorded 98 per cent increase in PAT from N1.21 billion in 2010 to N2.4 billion in 2011. PBT also rose from N1.8 billion to N3.5 billion, representing 97 per cent increase.The chairman of Conoil Plc, Dr Mike Adenuga, while previewing the company's performance for 2011, at its last annual general meeting, predicted that the company would record triple growth rate and deliver superior shareholder value.
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