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Conoil grows profit by 99% to N9.9 billion in 2023, to pay N2.43 billion dividends   

Conoil Plc,

Image credit: Conoil Plc

Conoil Plc has recorded a 99% growth in its profit after tax to N9.87 billion in 2023, from N4.96 billion as of FY 2022.

According to the company’s audited financial statement for 2023, the company posted a revenue of N201.4 billion, marking a 53% growth from the N131.4 billion revenue posted in 2022.

The company posted a gross profit of N19.8 billion, representing a 42% growth from the N14 billion gross profit posted in FY 2022.

There was a slight decline in the gross margin, from 10.66% as of FY 2022 to 9.85% as at FYE 2023.

The company will pay dividends of N3.5 per share, amounting to a dividend payout of N2.43 billion.

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Key Highlights FY 2023 vs FY 2022

Commentary

Conoil derived 97% of its revenue, amounting to N195 billion, from the sale of white petroleum products, including PMS, diesel, low-pour fuel oil, jet fuel, and kerosene, with the remaining 3% coming from lubricant sales.

Conoil legal troubles

Conoil Plc is currently in litigation with Nimex Petrochemical Nigeria Limited over claims of demurrage and interest totalling $3.44 million for petroleum product supplies dating back to 2007. The Federal High Court ruled in favour of Nimex, awarding $13.76 million, including interest at 21%.

However, Conoil has appealed the decision to the Court of Appeal in Abuja. Although, according to the company’s financial statement, N4.48 billion has been set aside for litigation claims.

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