Conoil Plc has reported a drop in profit for the nine months ended September 30, 2025, as weaker revenue and rising operational pressures weighed on performance.
According to the company’s unaudited financial statement, profit before tax fell sharply by 87.7% to ₦1.88 billion, compared to ₦15.24 billion recorded in the corresponding period of 2024.
Profit after tax declined by 87.9% to ₦1.46 billion, down from ₦12.12 billion in the same period last year.
The company’s revenue dropped 18.2% to ₦203.83 billion from ₦249.13 billion in 2024, reflecting softer product demand and possible price adjustments across the downstream petroleum market.
Conoil’s retained earnings declined by 10.5% to ₦36.78 billion from ₦41.10 billion a year earlier, while shareholders’ funds fell by 9.5% to ₦40.96 billion from ₦45.27 billion.
Earnings per share dropped from ₦17.47 (1,747 kobo) in 2024 to ₦2.11 (211 kobo) in 2025, representing an 87.9% decrease.
No dividend was declared for the period under review.
Despite the weaker performance, the company’s share capital remained unchanged at ₦346.98 million, while net assets per share declined by 9.5% to ₦59.02 (5,902 kobo) from ₦65.23 (6,523 kobo).
The sharp decline in profitability reflects the challenging operating environment in Nigeria’s downstream oil and gas sector, where rising logistics costs, foreign exchange volatility, and thin margins continue to affect product marketing companies.
Conoil Plc remains one of Nigeria’s major petroleum marketing companies with interests in the sale of refined petroleum products and lubricants across the country.
