Prime Business Africa
Conoil Plc, a company majorly owned by Mike Adenuga, experienced a financial downturn in 2025 after the oil producer’s revenue declined by 6.6 percent to N301.72 billion, failing to surpass the N323.12 billion turnover generated in 2024.
According to the company’s unaudited financial statements for the period ended December 31, 2025, Conoil also reduced its cost of sales by 6.05 percent to N278.80 billion, compared to the N296.77 billion expended in 2024.
Join our WhatsApp ChannelFollowing the decline in the oil producer’s topline, Conoil suffered a 13.06 percent decrease in gross profit, which dropped from N26.35 billion in 2024 to N22.91 billion in 2025.
The company’s financial woes continued with a zero other operating income during the period under review, failing to replicate the N35.97 million recorded in 2024.
Similarly, Conoil reported zero other gains last year, compared to the N60.61 million achieved in 2024, according to the company’s financial statement.
The poor topline coincided with a 43.44 percent decline in distribution expenses, which nosedived to N3.89 billion last year, below the N6.89 billion incurred between January and December 2024.
In the same vein, Conoil reduced administrative expenses by 32.77 percent to limit the impact of the decline in earnings, expending N6.10 billion in 2025, compared to the N4.6 billion sustained in the previous year.
The company’s financial position was further weakened by a 162.46 percent increase in its finance cost, which surged to N10.37 billion during the period under review, above the N3.95 billion reported in 2024.
Consequently, Conoil’s profit before tax plunged to N2.52 billion between the first quarter (Q1) and the fourth quarter (Q4) of 2025, failing to replicate the N11 billion earned as pretax profit the year before.
With pretax profit decreasing by 77 percent, the oil producer’s tax expense fell by 77.1 percent to N2 billion last year, compared to the N8.77 billion tax charge incurred in 2024.
As a result, Conoil reported N34.89 billion as profit after tax (PAT) in 2025, falling below the N35.31 billion recorded in 2024, representing a 1.2 percent drop.
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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.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
