Conoil Plc’s profit after tax rose nearly sixfold in the nine months to September 2026, as stronger revenue and lower distribution expenses helped offset higher finance costs.
The oil and gas marketer’s profit for the period increased to N5.31 billion from N900.42 million in the corresponding period of 2025, according to its unaudited financial statements. Revenue rose 95 percent to N280.12 billion from N143.7 billion.
The increase in sales came with a 92 percent rise in cost of sales to N254.09 billion from N132.28 billion. Gross profit more than doubled to N26.03 billion from N11.36 billion, lifting gross margin to about 9.3 percent from 5.6 percent.
Distribution expenses declined 21 percent to N1.85 billion from N2.35 billion, while administrative expenses rose 68 percent to N5.21 billion from N3.11 billion.
Finance costs increased to N12.99 billion from N4.76 billion, reflecting the cost of the company’s borrowing position. Despite the higher charge, profit before tax climbed to N5.98 billion from N1.15 billion, while earnings per share rose to 765 kobo from 130 kobo.
The company’s balance sheet expanded year-on-year, with total assets rising 18 percent to N149.11 billion as at September 30, 2026, from N126.19 billion a year earlier.
Current assets increased to N135.98 billion from N113.44 billion. Trade and other receivables rose 27 percent to N113.85 billion from N89.78 billion, while inventories declined to N12.81 billion from N14.09 billion. Cash and bank balances were broadly stable at N9.09 billion, compared with N9.27 billion in September 2025.
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Total equity increased 9 percent to N44.55 billion from N40.96 billion, while total liabilities rose 23 percent to N104.56 billion from N85.24 billion. Borrowings climbed 63 percent to N64.80 billion from N39.69 billion, while trade and other payables declined to N35.56 billion from N40.67 billion.
Conoil generated N274.81 million in net cash from operating activities during the nine months, compared with N5.08 billion in the corresponding period of 2025. Investing activities used N1.00 billion, against N7.19 billion a year earlier, as purchases of property, plant and equipment declined.
Financing activities recorded a net outflow of N12.99 billion, compared with N6.90 billion in 2025, largely due to interest payments. The company’s net cash outflow narrowed to N13.72 billion from N9.01 billion?
Conoil ended September 2026 with a negative cash and cash equivalents position of N55.71 billion, compared with negative N30.42 billion at the end of September 2025.
Conoil Plc currently trades at a N210 on the NGX and holds a market capitalisation of N145.7 billion and a year-to-date return of 12.18 percent.
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