Lagos-based petroleum marketing company Conoil Plc posted a sharp jump in net profit for the nine months ended Sept. 30, 2026 (9M 2026), driven by stronger retail fuel sales and revenue growth across its distribution network. The performance reinforced the company’s capital position and widened retained earnings despite elevated finance charges.

Profit surges 262 percent on fuel demand

The petroleum marketing company, headquartered in Lagos and operating retail stations across Nigeria, posted a net profit of N5.31 billion ($3.95 million) for the nine-month period ended Sept. 30, 2026, up 262.3 percent from N1.46 billion ($1.09 million) reported in the corresponding period of 2025, according to its latest unaudited financial statements. Pre-tax profit jumped 218.9 percent to N5.98 billion ($4.45 million) from N1.88 billion a year earlier.

The surge in bottom-line performance lifted basic earnings per share to N7.65 ($0.057) from N2.11 ($0.016) in September 2025. The improved results came as revenue increased 37.4 percent to N280.12 billion ($208.3 million) in the first nine months of 2026, compared with N203.83 billion ($151.54 million) in the prior-year period. Cost of sales rose to N254.09 billion ($188.91 million) from N187.15 billion, leaving gross profit up 56.1 percent at N26.03 billion.

White products drive Conoil revenue; retail volumes expand

White products—comprising Premium Motor Spirit, Automotive Gas Oil, Dual Purpose Kerosene, and Aviation Turbine Kerosene—remained Conoil’s core revenue generator. Sales from the segment advanced to N274.26 billion ($203.91 million) from N196.09 billion ($145.79 million) in the prior-year period, accounting for 98 percent of total turnover. Lubricants and greases generated N5.86 billion ($4.36 million), down from N7.74 billion in September 2025.

Administrative expenses increased to N5.21 billion ($3.88 million) from N4.78 billion ($3.56 million), while distribution expenses dropped to N1.85 billion ($1.37 million) from N3.12 billion ($2.32 million). Finance costs climbed to N12.99 billion ($9.66 million) from N6.9 billion ($5.13 million), reflecting higher borrowing costs on bank overdraft facilities utilized to finance inventory purchases and trade receivables.

Conoil earnings lift equity, retained reserves

Conoil Plc remains one of Nigeria’s established downstream petroleum marketing companies, supplying refined petroleum products, aviation fuel, and specialized industrial lubricants through an extensive nationwide distribution network. The company’s balance sheet strengthened considerably over the period, anchored by strong operational cash generation and expanded commercial activities across its retail footprints.

Total assets grew to N149.11 billion ($110.86 million) as of Sept. 30, 2026, up from N139.37 billion ($103.62 million) recorded at the close of December 2025. Over the same period, total equity rose to N44.55 billion ($33.12 million) from N39.24 billion ($29.17 million), driven by an increase in retained earnings to N40.38 billion ($30.02 million) from N35.07 billion ($26.07 million), underscoring steady capital accumulation and long-term financial resilience.