August 21, 2020/Cowry Asset

Conoil Plc churned out weaker operating performance in H1 2020 as its revenue was hard hit amid strict restrictions on movements, particularly at the inception of Q2 2020, due to COVID-19 pandemic fears.

Despite Conoil’s liquidity issues, declining revenue and possible lower profit which may lead to a cut in dividend payout in FY 2020, we recommend a ‘HOLD’ position in expectation that the challenges should be short-lived.

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