Conoil Plc, a leading downstream oil and gas company, has reported a 60.5% surge in revenue for the financial year ended December 31, 2024.
The company’s latest unaudited financial statements obtained by Investor King showed Revenue rose to ₦323.13 billion from ₦201.39 billion in 2023.
The profit before taxation for the period stood at ₦13.81 billion, a 12.5% increase from the ₦12.28 billion recorded in the previous year.
After accounting for a marginal rise in taxation to ₦2.42 billion, Conoil’s profit for the year rose by 15.4% from ₦9.87 billion in 2023 to ₦11.39 billion.
The company’s retained earnings increased by 30.9% to close the year at ₦37.93 billion, up from ₦28.97 billion a year earlier.
Similarly, shareholders’ funds rose by 27.0% from ₦33.15 billion in 2023 to ₦42.11 billion in 2024.
In terms of per-share performance, earnings per share (EPS) grew by 15.4% to 1,641 kobo, compared to 1,422 kobo in 2023.
However, the company did not declare a dividend per share for 2024, in contrast to the 250 kobo per share dividend paid out in 2023.
The company’s net assets per share also improved by 27.0% to 6,068 kobo, reflecting a strengthened financial position.
The revenue growth showed Conoil’s resilience in navigating sector-specific headwinds with strategic market expansion and enhanced operational efficiencies driving higher turnover.
The increase in profitability further signals the company’s effective cost controls and revenue diversification strategies, positioning it for sustained long-term growth.
The decision to withhold dividend payments despite higher earnings suggests a strategic reinvestment approach, potentially aimed at expanding infrastructure, securing supply chains, or bolstering financial reserves amid industry volatility.
As Conoil continues to reinforce its leadership in Nigeria’s downstream sector, the latest financial figures indicate a strong foundation for future expansion, with a focus on maximizing shareholder value and sustaining profitability in an evolving economic landscape.
SOURCE: Investorsking