Maxol doubles profits despite falling oil price

Maxol, the Irish-owned oil firm, more than doubled its profits to €13.1 million last year, despite a fall in sales as the firm scaled back its home heating oil business.

Ian Kehoe - avatar

Ian Kehoe

22nd November, 2008

Maxol, the Irish-owned oil firm, more than doubled its profits to €13.1 million last year, despite a fall in sales as the firm scaled back its home heating oil business.

The company had sales of €696 million last year, down from €810 million in 2006, when pre-tax profits were €6.3 million.

Tom Noonan, chief executive of Maxol, said the fall in turnover was a direct result of a strategic decision to scale back the home heating...

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