Conoil’s H1 Profit Plunges By 81%

VENTURES AFRICA – Leading Nigerian Oil retailer, Conoil has recorded an alarming 81 percent reduction in its half-year pretax profit as it posted a meagre 663.14 million naira ($4.1 million) profit compared to the 3.5 billion naira ($21.7 million) profit it made in the previous year.

The Nigerian oil retailer disclosed this on Monday at a filing with the Nigerian Stock Exchange (NSE) but did not give any reason for the plummet.

According to a BusinessDay report, the company’s turnover also declined to 76.2 billion naira ($471 million) from 79.9 billion naira ($495.5 million) the previous year.

On the floor of the NSE, Conoil’s shares traded flat at 23 naira (14cents), as at 1031 GMT yesterday.