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Home Markets Equities Company Results

Conoil Plc reports N90 billion revenue from petroleum products sale in 9 months

Omono Okonkwo by Omono Okonkwo
November 1, 2022
in Company Results, Energy
Mike Adenuga
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Conoil Nigeria Plc reported revenues of N90.29 billion in the first 9 months of 2022 down 10.6% when compared to the N100.9 billion reported same period in 2021.

Pre-tax profits for the first 9 months of the year was N2.9 billion compared to N1.59 billion same period last year. The increase in profits in this period compared to the year before is largely due to better margins as it reported 11.5% gross profit margin during the quarter compared to 7.9% same period in 2021.

Streamlining into the most recent quarter (2022 Q3), revenues rose lightly to N34 billion (2021 Q3: N33.3 billion). The company also reported improved gross margins during the quarter managing to keep 10.8% of revenues as gross profits compared to 8.4% same period in 2021.

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Loans – Conoil generated just N112.7 million as of September 2022 and relied on overdrafts to fund its N1 billion in interest paid. Conoil has a loan of N8.2 billion borrowed at an average 14.7% per annum.

Segment revenues – A further review of the results shows revenue from white products otherwise known as fuel N81.9 billion while its lubricants business contributed N6.7 billion. Conoil recorded zero revenues and cost of sale from its LPG division suggesting the business may not be operational.

Earnings per share – EPS for the quarter printed 162 kobo compared to 77 kobo last quarter. On a year-to-day basis, earnings per share is now N4.23 per share.

Conoil’s share price closed flat at N25.45 per share.


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Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

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