Integrated oil and gas company, Conoil Plc., says it recorded a 255 percent increase in profit after tax to N1.6 billion ($9.9 million) for the first-half period of 2013, from N450.9 million ($2.7 million) in same period last year.

The company’s filing on the Nigerian Stock Exchange (NSE) depict revenues also rose from N76.2 billion ($472 million) to N79.6 billion (493 million) with earnings per share (EPS) growing from 65 kobo to 230 kobo.

In an official statement, the company revealed that it was able to achieve this by “strengthening and repositioning its core businesses, with huge investments in its retail network expansion, which involved building multi-million naira mega stations across the country”.

The oil company, owned by Nigerian billionaire Mike Adenuga, also declared N1.98 billion ($12 million) as profit before tax as against N663.1 million ($4 million) recorded in the corresponding period in 2012.

The company disclosed that the adoption of strategies and efficient management of resources made the success possible, assuring stakeholders of its ability to sustain and grow the performance in the remaining 6 months of the year.

“With our clarity and focus, our company’s long term success is assured”.