Conoil posts 27% drop in annual profit

Conoil Plc, a major player in the Nigerian downstream oil sector, has reported a profit of N1.44 billion for the 2020 financial year, compared to N1.97 billion in 2019.

The company said its profit before tax fell by 24.3 percent to N2.15 billion last year from N2.83 billion in 2019.

Its revenue declined to N117.47 billion from N139.76 billion, according to its audited financial statements.