Prime Business Africa
Conoil Plc’s revenue dropped by 18.18 percent to N203.82 billion between January and September 2025, from N249.13 billion in the first nine months of 2024.
The company announced the decline in turnover in its unaudited financial statements for the period ended September 30.
Join our WhatsApp ChannelAccording to the financial statements, Conoil’s cost of sales also dropped during the period under review by 16.29 percent to N187,14 billion, compared to the N223,58 billion recorded between the first quarter (Q1) and third quarter (Q3) of last year.
The decline in the topline earnings led to gross profit dwindling by 34.70 percent year-on-year, from N25.54 billion to N16.67 billion.
Within the same period, Conoil spent N3.12 billion on distribution expenses within the first nine months of this year, compared to the N3.47 billion expended within the same period last year, representing a decrease of 9.98 percent.
Also, administrative expenses gulped N4,78 billion between Q1 and Q2 2025, up by 9.86 percent from the N4,35 billion posted in the corresponding period the previous year.
The company’s depleting revenue was compounded by a 178.48 percent increase in finance cost, which grew from N2,47 billion recorded between January and September 2024, to N6,89 billion during the same period in 2025.
Conoil added that profit before tax (PBT) nosedived by 87.69 percent, from the N15.24 billion pretax notched up in the nine-month period of 2024, to N1.87 billion this year.
Following the decline in PBT, Conoil filed an income tax expense of N410.47 million for the period under review, indicating an 86.84 percent drop compared to the N3,12 billion tax paid in 2024.
Despite the reduction in tax expense, Conoil reported that its profit after tax (PAT) fell to N1.46 billion between the first quarter and third quarter 2025, failing to replicate the N12.12 billion recorded last year, indicating a decline of 87.91 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
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