Nigerian billionaire Mike Adenuga’s Conoil posts $110-million revenue in H1 2024

Omokolade Ajayi -

Key Points:

  • Conoil’s revenue surged 107% in H1 2024, reaching over $110 million, driven by robust sales of petroleum products.
  • Gross profit increased to $10.56 million, up from $12.2 billion in H1 2023, while profit after tax rose to $4.9 million.
  • Mike Adenuga’s leadership continues to drive Conoil’s success, while his telecom firm, Globacom, remains a key player in Nigeria’s connectivity.

Conoil Plc, the Nigerian Exchange-listed petroleum marketing company controlled by billionaire Mike Adenuga, continued its strong performance in the first half of 2024, with revenue surging by 107 percent to over $110 million in the first six months of its current fiscal year.

According to the petroleum marketing company’s unaudited financial statements, revenue surged from N87.14 billion ($53 million) in H1 2023 to N180.57 billion ($108 million) in H1 2024. Sales of petroleum products drove the significant increase in revenue.

Impressive financial performance driven by petroleum product sales

The sales of petroleum products, including Premium Motor Spirit, Aviation Turbine Kerosene, Low-pour Fuel Oil, and Automotive Gasoline, collectively contributed N178.15 billion ($108 million) to topline revenue.  

As a result, gross profit soared to N17.53 billion ($10.56 million) from N12.2 billion in H1 2023, while profit after tax climbed to N8.02 billion ($4.9 million) from N6.25 billion ($3.8 million) in the prior-year period, despite rising direct costs and operating expenses. 

Adenuga’s leadership steers Conoil to new heights

Conoil, Nigeria’s largest indigenous oil marketing company, has benefited from the strong leadership of Mike Adenuga, who holds a 74.4-percent stake in the business.

Adenuga’s diversified business empire, which includes telecom giant Globacom, has contributed to his $6.6 billion fortune, making him one of Africa’s wealthiest individuals. He is presently Nigeria’s second-richest person and the sixth-wealthiest on the African continent.

Conoil strong, Globacom resilient

While Conoil reports strong results, Globacom, Adenuga’s telecommunications venture, remains resilient. The telecom giant’s Glo 1 submarine cable, which connects the UK to Nigeria, recently celebrated eight years of uninterrupted service.

This milestone highlights the cable’s critical role in ensuring reliable internet connectivity in Nigeria and the region, particularly during periods of network disruptions.