Conoil’s annual profit falls 24% to N2.15bn

Conoil Plc has reported a profit before tax of N2.15 billion for the 2020 financial year, down by 24 percent from N2.83 billion a year ago.

Its profit after tax declined to N1.52 billion last year from N1.97 billion in 2019, according to its unaudited financial statements released on Monday.

The revenue of the oil marketing company fell by 16 percent year-on-year to N117.47 billion from N139.76 billion.