Mike Adenuga's Conoil Records 400% Increase in Profit as Revenue from Petroleum Products Sales Exceeds N34bn

• Conoil Plc has achieved an impressive financial performance in the first three months of 2022
• The oil company reveals that it reported over N34 billion in revenue from petroleum product sales
• Mike Adenuga is the largest shareholder of the company, with an investment value of over N23 billion

Conoil Plc, a leading Nigerian petroleum marketing company controlled by billionaire tycoon Mike Adenuga, has announced impressive first-quarter financial figures.

According to the company's financials, it made over N34 billion in revenue from selling petroleum products in the first quarter of 2023.

This represents a 33.72% revenue increase compared to the N26.1 billion reported in 2022.

Also, Conoil reported a 440% increase in profit after tax payments of N3 billion in Q1, 2023, compared to N557.2 million in Q1, 2022.

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To understand the profit achieved by Conoil in Q1 2023, we look back at 2021, when the company's full-year profit stood at N3.08 billion.

Breakdown of Conoil's earnings

Conoil specialises in selling diesel, kerosene, low-pour fuel, aviation fuel, and gasoline.

The products generated N33.6 billion combined revenue in the three months.

Additionally, the company produces and markets lubricants under the renowned "Quatro" brand, the lubricants business segment, which contributed N1.34 billion to the company's total revenue.

Conoil also has an LPG division, but the segment did not generate revenue or incur costs, indicating a possible lack of operational activity.

Other key figures in Conoil's financial results:

The exceptional financial performance has significantly boosted Conoil's total assets, which increased from N65.91 billion to N76.34 billion.

The company's retained earnings rose from N20.84 billion to N23.85 billion during the review period.

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Adenuga, Nigeria's third richest man, owns Conoil and holds a majority stake of 74.4% in the company.

Adenuga world billionaire ranking

In another report, Mike Adenuga's net worth has skyrocketed to an impressive $5.6 billion, retaining his position as one of the richest men in Africa.

However, his wealth has declined since May, causing him to drop 52 places.

Aliko Dangote and Abdulsamad Rabiu kept their net worth the same during the days under review.

Source: Legit.ng