As audited by Egunjobi Adegbite & Co, the oil company posted reduced year to year gross profits of N210.43 million as at December 2015 down to N164.01 million in December 2014. Further analysis shows an increase in cost of sales with an inverse change in revenue which slid from N2.10 billion down to N1.13 billion.
Oil prices in 2015 fell as much as 35% with Brent settling at $34 a barrel in comparison to $57.33 a barrel the previous year with 2015 figures primarily ascribed to the global glut precipitated by the Middle East producers and US shale oil drillers.
