Conoil Plc Hits 52-Week High after Good Earnings
Conoil Plc surged by 21% to reach 52 week high on the Nigerian Exchange (NGX) as earnings release spur investors’ buying sentiment. The price surge followed the company’s earnings release last week.
The stock had hit 52 week low of N73 before it started upswings that have lasted for long time. Throughout last week, Conoil experienced high volume trading on the Nigerian bourse.
Ticker: Conoil rose from N105 per share in the equities market to close the week at N126.50. This positive price movement lifted its market value to about N88 billion, spread across about 694 million shares outstanding.
In its unaudited financial statement for the period ended March 2024, Conoil reported that its earnings per share grew by 44.3% year on year to N6.26 from N4.34 kobo in the comparable period in 2023.
The company’s got face lift following solid growth at the top and bottom lines, driven by an improved business activities.
Conoil Plc revenue grew by 160.1% year on year to N90. 939 billion from N34.967 billion in the comparable period in 2023. Its profit before tax of N5.533 billion was about 50% above N3.692 billion the company posted 12 months earlier.
Good outing saw the oil company retain earnings surged by about 40% year on year to N33.317 billion from N23.85 billion. In the period, shareholders fund improved by 33.8% year on year to N37.489 billion from N28.021 billion.
Conpetrol limited, own by Conoil Chairman Dr Mike Adenuga retained 74.40% of the shares in the company at the end of the period apart from directors’ shareholdings. It float rate was 24.26% in complaint with NGX regulation for listed companies.
Between Dec and March, Conoil deleverage its balance sheet. Net debt to equity ratio declined to 0.53% from 0.97% as total debt declined to N19.776 billion from N32.005 billion in 2023. #Conoil Plc Hits 52-Week High after Good Earnings
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