Energy company, Conoil Plc, has reported a N6.28bn growth in its turnover for the third quarter of 2017 to N70.23bn from N63.95bn in 2016.
The company, in a statement, described the performance as defiance of the trend among major oil marketers for the financial year under review.
Quoting analysts’ views, the oil major said its performance was commendable in view of the tough operating environment the downstream sector of the nation’s oil and gas sector has been battling with since the beginning of the year.
Conoil’s gross margin also moved up from N9.5bn in 2016 to N10.57bn in the period under review, according to its filings with the Nigerian Stock Exchange.
Despite the non-payment of huge Petroleum Support Fund owed major oil marketers by the Federal Government, the company said it recorded a profit before tax of N2.72bn for the period under review.
“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,” it said.
Meanwhile, Diamond Bank Plc has recorded a 71 per cent growth in its result for the third quarter ended September 30, 2017.
The lender, in its financial results filed with the bourse, recorded moderate growth in key financial parameters despite the lull in economic activities after the country exited recession.
For the nine-month business period, the bank’s gross earnings appreciated by 11 per cent year-on-year to N168.4bn, while profit before tax surged by 71 per cent to N6.7bn.
Impairment charges shrunk by 16 per cent to N35.3bn year-on-year, reflecting the management’s prudent approach to loan underwriting, the bank explained.
Operating costs rose by 16 per cent to N54.3bn from N46.7bn in the corresponding period of last year. This, according to the bank, is due to the huge investment in technology acquisition in line with the management’s strategic set goal to continue to lead the digital revolution in driving the development and delivery of world-class financial products and services in the sub-sector.