Conoil Plc has released its unaudited financial statement for the year ended 31st December 2022.
The report shows that the energy firm’s profit rose by an impressive 101.8% to N6.22 billion from the N3.082 billion reported in the previous year.
Key details of the unaudited financial report are summarised below.
Revenue
2022 FY: N131.442 billion
2021 FY: N126.726 billion
Change: +3.7%
Gross Profit
2022 FY: N15.834 billion
2021 FY: N11.161 billion
Change: +41.87%
Operating Income
2022 FY: N200.325 million
2021 FY: N172.014 million
Change: +16.5%
Finance cost
2022 FY: N1.438 billion
2021 FY: N757 million
Change: +90%
Pre-tax profit
2022 FY: N7.277 billion
2021 FY: N3.831 billion
Change: +89.9%
Net Profit after tax
2022 FY: N6.221 billion
2021 FY: N3.082 billion
Change: +101.8%
Earnings per shares
2022 FY: N897
2021 FY: N444
Change: +101.8%
Bottom line: The growth in profits was due to the increase in revenue from sale of petroleum products despite inflationary pressure and depreciation of the naira.
While all the sales were made within Nigeria, the revenue excludes investment income.
