Conoil reports 715.51% increase in quarterly profit

Conoil Plc, a major player in the Nigerian downstream oil sector, has reported an increase of 715.51 percent in its profit before tax for the second quarter of this year.

The company’s pretax profit surged to N939.22 million in Q2 2021 from N115.17 million in the same period of last year.

The company’s revenue increased to N34.55 billion from N19.31 billion, according to its unaudited financial statements obtained by Markets Reporters.

Its profit after tax rose to N638.67 million from N78.32 million.