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Conoil Plc, a petroleum marketing company led by Nigerian billionaire Mike Adenuga, has once again demonstrated remarkable financial success, as its revenue during the nine-month period of its 2023 fiscal year reached an impressive $175 million.
According to recently published financial results, Conoil’s revenue from the sale of petroleum products skyrocketed by 52.7 percent during this nine-month period, climbing from N90.3 billion ($114.6 million) in 2022 to N137.9 billion ($175 million) in 2023.
Conoil’s effective strategies and strong sales drive profits up by 196 percent
Conoil’s profit also witnessed an exceptional upswing, increasing by 196 percent, from N2.94 billion ($3.7 million) in the corresponding period of 2022 to N8.7 billion ($11.04 million) in the nine months ending September 2023.
This remarkable profit surge can be attributed to a combination of effective cost-optimization strategies and a sustained rise in revenue generated from the sale of petroleum products. This underscores the company’s success in the highly competitive petroleum industry.
Mike Adenuga’s leadership marks continued success for Conoil
Under Adenuga, the founder of Globacom, Nigeria’s second-largest telecom service provider, Conoil has experienced significant growth, showcasing Adenuga’s expertise in revitalizing companies and creating shared value for all stakeholders.
The company’s financial performance in the first three quarters of 2023 has translated into substantial growth in its total assets, increasing from N65.9 billion ($83.6 million) at the beginning of the year to N89.5 billion ($113.6 million) as of September 30, 2023.
Simultaneously, Conoil’s retained earnings have surged from N20.84 billion ($26.4 million) to N29.53 billion ($37.5 million), reflecting the company’s strong financial position and the success of its strategic initiatives.
With investments spanning Nigeria’s oil and telecom industries, Adenuga maintains a majority stake of 74.4 percent in Conoil, contributing significantly to his impressive fortune estimated at $3.3 billion.
