Conoil Plc Reports 53.2% Revenue Growth to N201.39 Billion in 2023,


…Doubling Profit Before Tax

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Conoil Plc has released its financial statements for the year ended December 31, 2023, revealing a significant growth in revenue and profits. The company reported a revenue increase of 53.2 percent, reaching N201.387 billion, up from N131.422 billion in 2022.

Profit before taxation (PBT) surged by 100.1 percent, rising to N12.277 billion in 2023 from N6.134 billion in the previous year. The principal activities of Conoil Plc include the marketing of refined petroleum products, manufacturing and marketing of lubricants, and supplying household and liquefied petroleum gas for domestic and industrial use.

The company’s profit for the year nearly doubled, climbing to N9.868 billion in 2023 from N4.957 billion in 2022, an increase of 99 percent. Retained earnings rose by 39 percent, reaching N28.973 billion in 2023 compared to N20.840 billion in 2022.

The directors have recommended a dividend payment of 350 kobo per share based on the year’s results. Shareholders’ funds increased by 32.5 percent, growing from N25.012 billion in 2022 to N33.145 billion in 2023.

Conoil Plc, with a free float percentage of 24.26 percent as of December 31, 2023, complies with the Exchange’s free float requirements for companies listed on the Main Board. According to the register of members, no shareholder other than Conpetro Limited held more than 5 percent of the issued shares as of December 31, 2023. Conpetro Limited holds 74.40 percent (516,298,603 units) of the shares, while other shareholders hold 25.60 percent (177,653,514 units).

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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