Despite the scarcity of Premium Motor Spirit (PMS) in 2022, which led to some retailers shutting down their outlets, the revenue generated by the oil sector grew by 32.61 per cent.
According to the financial statements of six oil companies analysed by Prime Business Africa, the firms reported a combined turnover of N1.02 trillion between January to September last year, surpassing the N776.61 billion recorded in the corresponding period in 2021.
The industry analysis, which covered Total, Seplat, Conoil, MRS Oil, Ardova and Eterna, showed that only Conoil suffered a drop in revenue, as its turnover fell by 1-0.58 per cent.
Also, the industry’s bottom line followed the upward path, recording 72.16 per cent year-on-year, as it closed September 2022 with N95.16 billion, in contrast to the N55.27 billion net profit reported a year before.
During that period, Ardova reported a loss in its bottom line, while Total recorded a decline of -6.58 per cent in its profit after tax.
This list was compiled based on each company’s revenue market share as gathered by Prime Business Africa during the period in review.
Total
Total holds the largest revenue market share in the Nigerian oil and gas industry, accounting for 32.74 per cent as of the end of the third quarter of 2022 when its revenue closed at N337.18 billion.
Seplat
With N258.70 billion generated as turnover between January to September 2022, Seplat closed the 9-month period as the second largest revenue market share, accounting for 25.12 per cent.
Ardova
Ardova accounts for 17.73 per cent of the oil industry’s revenue market share, which represents N182.59 billion generated within the first and third quarters of 2022.
Eterna
In terms of the revenue market share structure, Eterna is far behind Total, Seplat and Ardova, holding just 8.93 per cent portion of the industry’s turnover.
Conoil
Conoil is the fifth largest revenue market share holder in the oil industry, with its N90.29 billion turnover between January to September 2022 handing it 8.77 per cent of the share.
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