Conoil Revenue Increases by 53% To N201.4bn

Conoil Plc's revenue for the 2023 financial year has increased by 53 percent to N201.4 billion from N131.4 billion in the previous year. 
The company also reported a higher profit after tax of N9.87 billion for 2023, compared to N4.96 billion in 2022. 

These figures were disclosed in the audited financial statements for the year ended December 31, 2023, filed with the Nigerian Exchange Limited.

The gross profit of Conoil rose to N19.83 billion, reflecting a 41.6 per cent increase from the N14.01 billion recorded in 2022. 

Additionally, the company's profit before taxation doubled from N6.13 billion in 2022 to N12.28 billion in 2023, marking a 100.1 per cent growth.

Furthermore, the company's taxation for the year amounted to N2.41 billion, representing a 104.7 per cent increase from the N1.18 billion paid in the previous year. 

Retained earnings for the year grew by 39 per cent, reaching N28.97 billion compared to N20.84 billion in the previous year. 

Similarly, shareholders' funds increased by 32.5 per cent, rising from N25.01 billion in 2022 to N33.15 billion in 2023. 

Conoil's net assets per share also grew by 32.5 per cent, rising from 3,604 kobo in 2022 to 4,776 kobo in 2023.

The company's secretary, David Lanre-Leke, mentioned that Conoil donated a total sum of N32 million as charitable contributions during the year to support various sections of society in which it operates. 

He also highlighted that Conoil's strategic investments in infrastructure and technology had strengthened its operational capabilities, allowing the company to effectively meet growing consumer demand