By Mike Abbah
Nigeria’s major oil marketer, Conoil Plc has announced remarkable increase in its turnover for the third quarter of its 2017 financial year.
The result was achieved in defiance of uphill trend witnessed by major firms in the oil marketing sub-sector for the financial year under review.
Analysts say the company’s performance is commendable considering the tough operating environment experienced by the downstream players in the nation’s oil and gas sector which has been battling with a downturn since the beginning of the year.
The Company’s result for the third quarter ended September 30, 2017, which was submitted to the Nigerian Stock Exchange, yesterday, showed that the company’s turnover increased by N6.28billion; from N63.95billion in 2016 to N70.23billion.
Conoil’s gross margin also moved up from N9.5 billion in 2016 to N10.57 billion in the period under review.
In a press statement, the management of the company attributed the performance, despite the harsh and volatile operating environment, to its strong resolve to keep improving on its operations by constantly renewing its products and services to meet the ever-changing demands and expectations of its discerning customers.
“We will quicken our pace and sharpen our strategies in the coming months to meet our goal of moving from competing to winning in the market place, while focusing more on delivery and growth.”
The Company noted that the economic environment would remain challenging for the last quarter of the year, assuring shareholders and other stakeholders of its ultimate goal to maximum value for its shareholders and excellent service delivery and products to our customers.
