Conoil Plc amends Q3 2024 financials blames “system-related errors and power challenges”  

These discrepancies affected key financial metrics, including the cost of sales and distribution expenses.

The corrected report has been submitted to the Nigerian Exchange Limited (NGX), replacing the previous version, and the company has issued a notice to update investors on these adjustments.

The amendment led to several important updates in Conoil’s financial performance:

1. Cost of Sales: Reduced by N200 million, now reported at N60.54 billion, compared to the initial N60.74 billion. This adjustment raised Conoil’s gross profit to N8.02 billion from the previously reported N7.82 billion.

2. Distribution Expenses: Decreased by N603 million to N1.59 billion from the earlier figure of N2.19 billion, contributing to a reduction in total expenses.

3. Profit Before Tax: Following the revisions, Conoil’s profit before tax increased by N803 million to N5.02 billion, compared to the initially reported N4.22 billion.

4. Income Tax Expense: Increased by N15.5 million, resulting in an updated income tax expense of N923 million, up from the previous N907.5 million.

5. Statement of Financial Position:  

6. Statement of Cashflows:  

7. Statement of Changes in Equity:  

Despite these amendments, Conoil’s overall financial position for Q3 2024 remains strong. The company reported revenue of N68.5 billion and a pre-tax profit of N5.02 billion for the period.

Conoil Plc has apologized to the NGX and its investors for any inconvenience caused, explaining that the errors were promptly corrected once identified.