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Conoil Plc, a Nigerian petroleum marketing company majority-owned by Nigerian billionaire Mike Adenuga, reported a profit of N3.08 billion ($7.41 million) at the end of its 2021 fiscal year thanks to an increase in demand for petroleum products during the year, which resulted in a single-digit percentage increase in revenue.
Conoil is a Nigerian petroleum marketing corporation led by Adenuga, a wealthy businessman and the founder of Globacom, who owns 74.4 percent of the company.
In addition to selling regulated gasoline, kerosene, diesel, aviation fuel, and low-pour fuel, the oil company also manufactures and sells lubricants under the “Quatro” brand.
According to the company’s financial statement, profit increased by 114 percent from N1.44 billion ($3.46 million) in 2020 to N3.08 billion ($7.41 million) by the end of 2021 thanks to a combination of cost-cutting tactics used by management.
The group’s income increased 7.9 percent from N117.47 billion ($282.6 million) in 2020 to N126.73 billion (304.9 million), allowing it to cap off benefits from the jump in demand for petroleum products during the year.
Conoil made a total of N117 billion ($281.52 million) from the sale of white products and N9.7 billion ($23.33 million) from the sale of lubricants in Nigeria.
Sales of white products and lubricants increased by 6.8 percent and 22.9 percent, respectively, compared to last year’s numbers.
The group’s total assets increased from N48.86 billion ($117.55 million) to N53.98 billion ($129.87 million), while retained earnings increased from N15.35 billion ($36.93 million) to N17.62 billion ($42.4 million) thanks to its strong financial performance.
The board recommended paying a final dividend of N2.5 ($0.00601) per share, payable from the group’s earnings of N3.08 billion ($7.41 million) at the end of 2021, as a result of the strong results.
