Capital Oil plc reported Loss Before Tax (LBT) of N56.153million, signifying a remarkable 50 percent decline when compared to Loss Before Tax of N113.235million the company recorded in 2015.
According to the company’s account for the year ended December 31, 2015 released to the investing public at the Nigerian Stock Exchange (NSE), its Loss After Tax stood at N61.851million, from Loss After Tax of N131.161million in 2014.
Capital Oil plc was incorporated on August 29, 1985 to focus and take advantage of opportunities available in the downstream sector of the Oil and Gas industry in Nigeria. Specifically, the company plays a major role in the marketing and distribution of petroleum products.
Capital Oil Plc statement of financial position as at December 31, 2015 also showed its total assets decreased to N1.645billion from a high of N1.699billion in 2014; while its cash flow statement shows positive cashflow from operating activities at N17.395million from a negative of N60.267million in 2014.
Cash flow from financing activities revealed bank interest and similar charges decline from N80.466million in 2014 to N16.721million in the review 2015 financial year.
Currently, its products and services include Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Dual Purpose Kero (DPK), LPG Sales and distribution, Sales and distribution of Lubricants, and Chemical manufacturing.
According to the company’s statement of profit or loss and other comprehensive income for the year ended December 31, 2015, revenue declined to N1.132billion from 2014 level of N2.106billion.
Gross Profit declined to N164.015million from N210.436million in 2014. Administrative expenses declined to N154.821million from N196.915million in 2014; while selling & distribution expenses rose to N54.890million from N50.965million in 2014.
Earning per share (EPS) calculated on basis of the company’s profit after taxation based on the number of ordinary shares issued and fully paid at the end of the year is in negative of 3kobo from a negative of 5kobo in 2014; while its Net Asset per share stood at 31kobo from 33kobo in 2014.
Iheanyi Nwachukwu
