Conoil’s half-year profit soars 70.5% despite revenue drop

Conoil Plc, a Nigerian fuel marketing company, posted a 70.5 percent rise in its profit for the first half of this year despite a decline in revenue.

The company’s profit jumped to N1.81 billion from N1.06 billion in H1 2021 as its cost of sales declined by 20.60 percent to N49.58 billion, according to its unaudited financial statements obtained from the Nigerian Exchange Limited.

Its revenue fell by 16.8 percent to N56.25 billion in the six months to June 30, 2022.

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