Conoil Plc has reported a profit before tax of N728 million for the third quarter (Q3) ended 30 September 2025, a sharp 85.50% year-on-year decline from N5.02 billion posted during the same period in 2024.
This contributed to a steep 88% year-on-year decline in the nine-month pre-tax profit, which fell to N1.88 billion from N15.24 billion for the same period last year.
According to the unaudited financial results released on November 1, 2025, at the Nigerian Stock Exchange (NGX), revenue also suffered a notable decline.
The company’s revenue was primarily driven by its key business segments: White Products, Lubricants, and Liquefied Petroleum Gas (LPG).
On cost, the cost of sales fell by 9.42% YoY to N54.86 billion, mirroring the decline in revenue.
Despite this reduction, the company’s gross profit margin also shrank to 8.8% in Q3 2025 from 11.7% in Q3 2024.
Operating profit for the period fell sharply by 35.8% YoY to N1.64 billion, with operating margins also under pressure from rising administrative and distribution expenses.
Finance costs surged dramatically by 744% YoY to N2.13 billion, primarily due to the significant rise in borrowings.
Total assets increased by 11% YoY, largely driven by an increase in trade receivables and higher inventories.
On the liabilities side, borrowings increased, reflecting the company’s need to finance its operations amidst declining revenue.
Conoil began the year with a share price of N387.20 but has faced significant pressure throughout the year.
As of Friday, October 31, 2025, the stock closed at N190.70, marking a sharp decline of 50.8% from the opening price.
Since October 21, 2025, Conoil’s share price has remained flat.