Indigenous Nigerian petroleum marketer, Conoil Plc. says it gross profit rose to N3.08 billion ($19 million), representing a 341 percent increase from the N699.4 million ($4.4 million) it posted same period last year.

The company’s profit after tax was estimated at N2.09 billion ($13 million), showing a 329 percent rise, compared to last year’s N487.2 million ($3 million), while revenue rose from N114.7 billion ($722 million) to N121.8 billion ($766 million).

Its earnings per share (EPS) also soared sharply by 330 percent from 70 kobo to N3.01.

Reviewing the company’s performance, Africa’s 3rd richest man and Conoil chairman, Mike Adenuga, said “…with the aim of growing value for our shareholders, Conoil has committed substantial investments to reinvigorate the totally deregulated and high margin-yielding lubricant business, riding on our competitive edge.”

He added that the company was positioned to “weather the storm”, despite the fact that it is not immune to the challenges of the downstream petroleum sector.

Going by the results, market watchers are of the opinion that the firm would present a higher dividend for shareholders at the end of this financial year.

“The performance is very much in line with the commitment of the board to continue to make progress towards delivering superior shareholder value,” the company said, affirming the position of watchers.