Home » Mike Adenuga’s Conoil reports record $6.5 million profit in Q1 2023

Mike Adenuga’s Conoil reports record $6.5 million profit in Q1 2023

by Feyisayo Ajayi
Mike Adenuga

In a remarkable display of financial prowess, Conoil Plc, the leading Nigerian petroleum marketing company controlled by billionaire tycoon Mike Adenuga, has continued its upward trajectory with a record-breaking profit of $6.5 million at the close of the first quarter of its 2023 fiscal year.

The impressive figure represents a staggering 440-percent increase from the previous year’s first-quarter profit of $1.21 million.

According to the recently published financial results, Conoil experienced a surge in revenue from the sale of petroleum products, recording a substantial 34 percent growth from Q1 2022 to Q1 2023.

The company’s revenue rose from N26.15 billion ($56.6 million) to N34.97 billion ($75.77 million) during this period.

Conoil’s astounding profit in the first quarter of 2023 nearly matches its entire profit of N3.08 billion ($6.68 million) for the 2021 year when the company’s revenue skyrocketed to over $270 million. 

Specializing in the sale of diesel, kerosene, low-pour fuel, aviation fuel, and gasoline, Conoil has also successfully ventured into the production and marketing of lubricants under the renowned “Quatro” brand.

Adenuga, a prominent figure in Nigeria’s oil and telecom industries, controls a majority stake of 74.4 percent in Conoil.

Adenuga, who founded Globacom, the country’s second-largest telecom service provider, has demonstrated his expertise as an oil mogul and telecom tycoon.

The exceptional financial performance has resulted in a significant boost in Conoil’s total assets, which surged from N65.91 billion ($142.83 million) to N76.34 billion ($165.4 million), and its retained earnings, which increased from N20.84 billion ($45.1 million) to N23.85 billion ($51.68 million) during the review period.

Despite its impressive earnings, Conoil experienced a setback in the stock market.

Its shares on the Nigerian Exchange witnessed a slump of 9.92 percent, with the stock closing at N43.60 ($0.0945) today.

The group’s market capitalization also dipped below $70 million.

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