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.