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