Conoil Plc Reports 60.5% Surge in Revenue for 2024 Financial Year
Conoil Plc, a leading downstream oil and gas company, has reported impressive financial results for the year ended December 31, 2024. The company saw a significant 60.5% surge in revenue, reaching ₦323.13 billion compared to ₦201.39 billion in the previous year.
According to the latest unaudited financial statements obtained by Investor King, Conoil also recorded a profit before taxation of ₦13.81 billion, marking a 12.5% increase from the previous year. After accounting for taxation, the company’s profit for the year rose by 15.4% to ₦11.39 billion.
Retained earnings and shareholders’ funds also saw substantial growth, increasing by 30.9% and 27.0% respectively. Earnings per share (EPS) grew by 15.4% to 1,641 kobo, reflecting the company’s strong financial performance.
Despite the positive financial results, Conoil did not declare a dividend per share for 2024, a departure from the 250 kobo per share dividend paid out in 2023. The decision to withhold dividend payments may indicate a strategic reinvestment approach aimed at further strengthening the company’s financial position.
The revenue growth and increased profitability demonstrate Conoil’s resilience in navigating challenges in the downstream sector. The company’s strategic market expansion and operational efficiencies have driven higher turnover, positioning it for sustained long-term growth.
As Conoil continues to solidify its position in Nigeria’s downstream sector, the latest financial figures indicate a strong foundation for future expansion. With a focus on maximizing shareholder value and sustaining profitability, Conoil is poised to thrive in an evolving economic landscape.
