Conoil Plc recorded a sharp decline in earnings for the 2025 financial year with profit falling steeply despite only a modest drop in revenue.
Revenue declined by 6.6% to ₦301.72 billion in 2025 from ₦323.13 billion in 2024 on the back of softer volumes and pricing pressures across petroleum product sales.
Profit before tax dropped sharply to ₦2.53 billion, compared with ₦11.00 billion in the prior year, representing a 77.0% year-on-year decline.
The weaker performance points to substantial margin compression and higher operating pressures during the period.
Tax expense reduced to ₦518.17 million, down from ₦2.23 billion in 2024, in line with lower taxable income. However, this did little to cushion the overall earnings decline.
Profit for the year fell to ₦2.01 billion from ₦8.77 billion in the previous year, translating to a 77.1% contraction.
Earnings per share declined to 290 kobo, compared with 1,264 kobo in 2024.
Conoil did not declare a dividend for the 2025 financial year, compared with a 350 kobo dividend paid in the prior year, reflecting a more conservative payout stance amid weaker profitability.
Shareholders’ funds declined slightly to ₦39.07 billion from ₦39.49 billion, while retained earnings eased to ₦34.90 billion from ₦35.32 billion. Net assets per share stood at 5,630 kobo, marginally lower than 5,691 kobo recorded in 2024.
The 2025 results highlight the earnings sensitivity of downstream oil marketers to margin dynamics and cost pressures, even when revenue remains relatively resilient.
