Conoil PLC has released its third-quarter 2024 financial report, showing a pre-tax profit of N4.2 billion, a 30.82% increase from the N3.2 billion reported in the same period last year.

For the cumulative nine-month period ending September 30, 2024, Conoil’s pre-tax profit climbed significantly to N14.4 billion, marking a 30.64% year-over-year rise.

The company’s revenue also saw a notable uptick, surging 35.10% year-over-year in the third quarter to reach N68.5 billion, compared to N50.7 billion in 2023.

Conoil also reported a substantial rise in earnings per share (EPS) to N4.7 for the third quarter, marking a 35.90% increase from N3.5 in the previous year.

Commentary:

Conoil’s revenue grew by 35.10% year-over-year in Q3 2024, reaching N68.5 billion, up from N50.7 billion in 2023. This increase was accompanied by a 32.88% rise in the cost of sales, which totalled N60.7 billion compared to N45.7 billion in the previous year.

Despite these cost increases, Conoil’s gross profit climbed to N7.8 billion, a substantial 55.23% improvement year-over-year from N5.0 billion.

The company reduced its finance costs by 48.02%, bringing them down to N253.3 million from N487.4 million last year, even as administrative expenses rose by 4.97% to N1.1 billion.

Conoil’s pre-tax profit for Q3 2024 surged by 30.82% year-over-year to N4.2 billion, contributing to a cumulative nine-month pre-tax profit of N14.4 billion.

Furthermore, post-tax profit rose by 36.02% year-over-year, reaching N3.3 billion compared to N2.4 billion in 2023, bolstering earnings per share by 35.90% to N4.7.

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