Conoil Plc reported a pre-tax profit of N5.98 billion for the nine months ended September 30, 2026, representing a 218.9% improve from N1.88 billion in the corresponding interval of 2025, in accordance to the corporate’s unaudited results-at-a-glance assertion.
The firm’s nine-month income rose to N280.12 billion from N203.83 billion, representing a rise of 37.4%, supported by development in its white petroleum merchandise enterprise.
Profit after tax reached N5.31 billion, in contrast with N1.46 billion reported in the corresponding interval of 2025.
However, the third-quarter efficiency was weaker, with pre-tax profit declining to N206.51 million from N774.99 million in the corresponding quarter of 2025.
Key Highlights
- Revenue: N280.12 billion (Up 37.43% YoY from N203.83 billion).
- Gross profit: N26.03 billion (Up 56.06% YoY from N16.68 billion, utilizing the section disclosures).
- Earnings per share: 765 kobo (Up 262.5% YoY from 211 kobo).
- Total borrowings: N64.80 billion (Up 18.03% from N54.90 billion as of December 2025).
- Total belongings: N149.11 billion (Up 6.99% from N139.37 billion as of December 2025).
- Cash and financial institution balances: N9.09 billion (Down 29.59% from N12.91 billion as of December 2025).
Driving the numbers
Conoil’s nine-month monetary efficiency was supported by larger income from its white petroleum merchandise section, which remained the corporate’s largest supply of earnings.
- Revenue from white merchandise elevated by 39.87% to N274.26 billion from N196.09 billion in the corresponding interval of 2025. This section accounted for roughly 97.91% of complete income through the interval.
- In distinction, income from lubricants declined by 24.26% to N5.86 billion from N7.74 billion, accounting for roughly 2.09% of complete income.
- The firm’s Liquefied Petroleum Gas section recorded no income throughout both interval.
On the price facet, complete price of gross sales stood at N254.09 billion, in contrast with N187.15 billion in the prior-year section disclosures.
Despite the rise in prices, gross profit expanded to N26.03 billion, with the gross profit margin enhancing to 9.29% from 8.18% based mostly on the section figures.
- Finance prices remained a big expense, reaching N12.99 billion through the nine-month interval.
- This absorbed a considerable portion of the corporate’s gross profit and continued to weigh general profitability.
- Administrative bills amounted to N5.21 billion, whereas distribution bills stood at N1.85 billion.
The quarterly figures additionally reveal a slowdown in earnings. Although third-quarter income elevated to N100.23 billion from N64.39 billion in the corresponding quarter of 2025, pre-tax profit declined by 73.35% to N206.51 million.
Profit after tax for the quarter additionally declined to N152.81 million from N608.36 million, highlighting strain on profitability regardless of larger gross sales.
The steadiness sheet
On the steadiness sheet, Conoil Plc’s complete belongings elevated by 6.99% to N149.11 billion as of September 2026, from N139.37 billion on the finish of December 2025, largely pushed by a rise in commerce and different receivables.
- Trade and different receivables rose by 25.67% to N113.85 billion from N90.59 billion, greater than offsetting the decline in inventories, which fell by 42.81% to N12.81 billion from N22.39 billion.
- Cash and financial institution balances additionally declined by 29.59% to N9.09 billion from N12.91 billion, whereas borrowings elevated by 18.03% to N64.80 billion from N54.90 billion.
- Despite the expansion in complete belongings, money era remained weak, with web money generated from working actions standing at N274.81 million for the nine-month interval, in contrast with curiosity funds of N12.99 billion.
Meanwhile, the corporate’s web money and money equivalents place deteriorated to unfavorable N55.71 billion from unfavorable N41.99 billion in the beginning of the 12 months, reflecting elevated strain on liquidity.
Overall, the steadiness sheet exhibits that Conoil’s asset development was largely concentrated in receivables, whereas rising borrowings, substantial finance prices and declining money balances continued to put strain on its liquidity place regardless of stronger year-to-date profitability.
Market response
Conoil closed at N210.00 per share on Monday, November 2, 2026, in contrast with its opening value of N187.20 in the beginning of the 12 months.
This represents a year-to-date acquire of 12.2%, whereas its one-year return stood at 10.1%.
