Following an impressive financial performance in 2021, which contributed to a surge in Conoil Plc’s valuation on the Nigerian Exchange, the Nigerian petroleum marketing company has boosted its profit position in the first quarter of 2022.
Conoil, led by Mike Adenuga, a Nigerian billionaire and telecom tycoon, is a petroleum marketing company that distributes gasoline, kerosene, diesel, aviation fuel and low-pour fuel. It also manufactures and sells lubricants under the “Quatro” brand name.
According to its unaudited financial statement, its profit rose by 31.4 percent from N423.93 million ($1.02 million) in the first quarter of 2021 to N557.22 million ($1.34 million) in the first quarter of 2022, despite a 21-percent decrease in revenue from N33.1 billion ($79.74 million) to N26.15 billion ($63 million).
The double-digit percent increase in earnings in the first quarter of 2022 can be attributed to a decrease in direct costs from N30.73 billion ($74.03 million) to N23.31 billion ($56.15 million) during the period.
As a result of its strong performance, its total assets increased from N53.98 billion ($130.03 million) to N55.22 billion ($133.02 million), while retained earnings increased from N17.62 billion ($42.44 million) to N18.17 billion ($43.77 million).
The increase in earnings in the first quarter of 2022 puts the company on track to deliver higher earnings at the end of 2022 after earning N3.08 billion ($7.41 million) in 2021.
Shares in the Nigerian petroleum marketing company were worth N28.8 ($0.0693) per share as of press time on May 5, up 9.9 percent from their opening price on the Nigerian Exchange this morning.
Conoil’s market capitalization is presently valued at N18.2 billion ($43.84 million), while Nigerian billionaire Mike Adenuga’s 74.4 percent stake in the Nigerian petroleum marketing company is worth N13.54 billion ($32.61 million).
