Conoil revenue jumps by 53%

The revenue of Conoil Plc for the 2023 financial year has appreciated by 53 per cent to N201.4 billion from N131.4 billion in the previous year.

This is as it also recorded a profit after tax of N9.87bn for the 2023 financial year, higher than the N4.96bn reported in 2022.

This was disclosed in its audited financial statements for the year ended  December 31, 2023, filed with Nigerian Exchange Limited.

Conoil’s gross profit rose to N19.83bn, marking a 41.6 per cent increase from the N14.01bn recorded in 2022. The company’s profit before taxation grew by 100.1 per cent, doubling from N6.13bn in 2022 to N12.28bn in 2023.

Also, the company taxation for the year amounted to N2.41bn, representing a 104.7 per cent increase from the N1.18bn paid in the previous year.

Its retained earnings for the year grew by 39 per cent, reaching N28.97bn compared to N20.84bn in the previous year. Similarly, shareholders’ funds increased by 32.5 per cent, rising from N25.01bn in 2022 to N33.15bn in 2023.

Conoil’s net assets per share grew by 32.5 per cent, rising from 3,604 kobo in 2022 to 4,776 kobo in 2023.

The company secretary of the firm, David Lanre-Leke, stated that to identify with the aspirations of various sections of the society in which it operates, the company donated a total sum of N32m as charitable contributions during the year.

He added that Conoil’s strategic investments in infrastructure and technology have bolstered its operational capabilities, enabling the company to meet growing consumer demand effectively.