Conoil Plc recorded a pre-tax profit of N5.98bn for the nine months ended September 30, 2026, representing a 218.9 per cent increase from the N1.88bn posted in the corresponding period of 2025, according to the company’s unaudited results.
The oil and gas company’s revenue rose by 37.4 per cent to N280.12bn from N203.83bn in the same period last year, driven by growth in its white petroleum products business.
Profit after tax increased to N5.31bn from N1.46bn recorded in the corresponding period of 2025.
However, the company’s third-quarter performance weakened, with pre-tax profit falling to N206.51m from N774.99m in the same quarter of the previous year.
Conoil’s nine-month revenue growth was largely driven by its white petroleum products segment, which remained its biggest income contributor.
Revenue from the segment rose by 39.87 per cent to N274.26bn from N196.09bn in the corresponding period of 2025, accounting for approximately 97.91 per cent of the company’s total revenue.
However, revenue from lubricants fell by 24.26 per cent to N5.86bn from N7.74bn, representing about 2.09 per cent of total revenue.
Conoil’s Liquefied Petroleum Gas segment generated no revenue in either the nine-month period of 2026 or the corresponding period of 2025.
Meanwhile, the company’s total cost of sales increased to N254.09bn from N187.15bn in the corresponding period of the previous year.
Despite the rise in costs, Conoil’s gross profit increased to N26.03bn, with its gross profit margin improving to 9.29 per cent from 8.18 per cent in the corresponding period of 2025.
However, finance costs remained a major expense, amounting to N12.99bn during the nine-month period, absorbing a significant portion of the company’s gross profit and weighing on overall profitability.
Administrative expenses stood at N5.21bn, while distribution expenses amounted to N1.85bn.
