Conoil grows full year PBT to N12.27bn

Conoil Plc has released its financial statements for the year ended December 31, 2023 which show that it grew revenue to N201.387billion from N131.422billion in 2022, up by 53.2percent. The company’s profit before taxation (PBT) increased to N12.277billion in 2023, from N6.134billion in 2022, up by 100.1percent.

The principal activities of the Company are the marketing of refined petroleum products, manufacturing and marketing of lubricants, household and liquefied petroleum gas for domestic and industrial use.

Profit for the year rose to N9.868billion in 2023 from N4.957billion in 2022, up by 99percent. The company’s retained earnings of N28.973billion in 2023 as against N20.840billion in 2022 represents an increase by 39percent.

The directors recommend the payment of a dividend of 350 kobo per share on the results for the year 2023.

Shareholders’ funds of N33.145billion in 2023 from N25.012billion in 2022 implies 32.5 percent increase.

Conoil Plc with a free float percentage of 24.26percent as at December 31, 2023 is compliant with the Exchange’s free float requirements for the companies listed on the Main Board.

According to the Register of members, no shareholder of the Company other than Conpetro Limited held more than 5percent issued shares of the Company as at December 31, 2023. Conpetro Limited accounts for 74.40 percent (516,298,603 units); other shareholders (177,653,514 units or 25.60 percent).