Petroleum products marketing firm, Conoil Plc has reported a profit of N90.29 billion in the first 9 months of 2022.
According to Nairametrics, before taxes, the company made N2.9 billion in the first nine months of the year, compared to N1.59 billion during the same time last year.
It recorded a gross profit margin of 11.5% during the quarter, compared to 7.9% during the same period in 2021, which contributed significantly to the increase in profits compared to the prior year.
It was also gathered that in the most recent quarter (2022 Q3), revenues increased little to N34 billion (2021 Q3: N33.3 billion). The company also claimed better gross margins during the quarter, retaining 10.8% of revenue as gross profits as opposed to 8.4% during the same period in 2021.
As of September 2022, Conoil had a meager N112.7 million in revenue and was dependent on overdrafts to cover its N1 billion in interest payments. Conoil has a loan of N8.2 billion that it has taken out at a 14.7% annual interest rate.
A closer examination of the figures reveals that the lubricants business generated N6.7 billion in income, while the white products, often known as petrol, accounted for N81.9 billion. Conoil’s LPG segment had zero revenues and cost of sales, indicating that the company may not be in operation.