Prime Business Africa
Conoil generated N71.45 billion in revenue between January and March 2026, compared to the N79.25 billion reported in the corresponding period in 2025.
According to an analysis of the company’s unaudited financial statements for the period ended March 31, 2026, while turnover declined by 9.85 percent, cost of sales dropped double-digit or 17.72 percent.
This prevented Conoil’s gross profit from nosediving, as it increased by 99.61 percent to N10.61 billion during the period under review, up from N5.31 billion in the first quarter (Q1) of last year.
Join our WhatsApp ChannelThe oil company reported distribution expenses gulped N527.31 million in Q1 2026, falling below the N1.19 billion expended on distribution in the first three months of the previous year, indicating a 55.77 percent decline.
However, administrative expenses grew to N1.77 billion in the first quarter of this year, which is 21.62 percent higher than the N1.46 billion incurred during the period under review in 2025.
Conoil saw a sharp rise in finance costs, which consists of interest on bank overdrafts, as it surged to N4.10 billion in Q1 2026, above the N2.28 billion sustained in Q1 2025, reflecting a 79.23 percent increase.
Regardless, the company experienced a whopping 1,029.74 percent growth in profit before tax (PBT), reporting N4.20 billion in the first quarter of this year, surpassing the N372,04 million reached in the same period last year.
The company filed N303.36 million as income tax between January and March 2026, up by 279.26 percent when compared to the N79.98 million tax charge reported in the first quarter of 2025.
Conoil also reported 1,235.29 percent growth in profit after tax, which increased to N3.89 billion in the first three months of this year, up from the N292.05 million recorded in the previous year’s Q1.
Meanwhile, total assets and total liabilities declined during the period under review, with the former decreasing by 1.04 percent year-on-year, while the latter dropped by 5.35 percent.
A breakdown showed that total assets decreased to N137.91 billion in the first three months of this year, compared to the N139.36 billion the assets were valued at the end of December 2025.
Also, total liabilities dropped from N100.12 billion recorded on December 31, 2025, to N94.77 billion at the end of March.
In 2025, Conoil’s profit crashed by 75 percent amid declining revenue and loan burden.
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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.
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