Conoil PLC, a leading Nigerian petroleum marketing company, has announced its financial results for the year ended December 31, 2022. The company reported a robust growth in revenue and profit, reflecting its strong operational performance and effective cost-management strategies.
According to the Statement of Profit or Loss and Other Comprehensive Income, Conoil PLC recorded a revenue of N131.4 billion, representing a significant increase of 3.1% compared to N126.7 billion in the previous year. The growth in revenue can be attributed to increased sales volumes and improved product pricing during the year.
The company’s gross profit also witnessed substantial growth, reaching N14 billion, a 25.5% increase from N11.2 billion in 2021. This improvement can be attributed to efficient cost management and optimization of the company’s supply chain. Conoil PLC successfully controlled its cost of sales, which stood at N117.4 billion, compared to N115.6 billion in the previous year.
Furthermore, Conoil PLC’s profit before tax soared to N6.1 billion, marking a significant rise of 60% compared to N3.8 billion in 2021. The company’s profitability was driven by higher operating income, lower distribution expenses, and reduced finance costs. The diligent management of administrative expenses also contributed to the positive financial performance.
After accounting for income tax expense, Conoil PLC’s profit for the year amounted to N4.96 billion, representing an impressive growth of 60.8% compared to N3.08 billion in the previous year. The company’s earnings per share for the year were 714 kobo, showing a considerable improvement from 444 kobo in 2021.
Conoil PLC’s Statement of Financial Position as of December 31, 2022, showcased the company’s strong asset base. The total assets stood at N65.9 billion, demonstrating a substantial increase from N54 billion in the previous year. The company’s non-current assets decreased to N3.7 billion from N4.3 billion in 2021, primarily due to depreciation and amortization of property, plant, and equipment.
On the other hand, the company’s current assets rose to N62.2 billion from N49.7 billion in the previous year. This increase was primarily driven by higher inventories and trade receivables, indicating a healthy level of business activity and strong customer demand.
Conoil PLC’s total equity stood at N25 billion, with retained earnings amounting to N20.8 billion, reflecting the company’s strong financial position and retained profits over the years. The company’s non-current liabilities decreased slightly to N751.9 million, while current liabilities increased to N40.1 billion, mainly due to higher borrowings and trade payables.
Speaking about the financial performance, Mr. Kheterpal Hardeep Singh, the Managing Director of Conoil PLC, expressed his satisfaction with the company’s strong growth in revenue and profit. He attributed the success to the company’s customer-centric approach, operational efficiency, and focus on cost optimization.
Mr. Singh further emphasized Conoil PLC’s commitment to sustainable growth and delivering value to its shareholders. He stated, “We will continue to invest in our core operations, explore growth opportunities, and leverage our competitive advantages to maintain our position as a leading player in the petroleum marketing sector.”
Conoil PLC remains optimistic about the future and is well-positioned to navigate the evolving market dynamics, ensuring sustained growth and profitability in the coming years.
