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.

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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).

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.