Conoil’s pre-tax profit rises 218.9% to N5.98 billion in nine months of 2026

Conoil Plc unveiled a substantial surge in pre-tax profit, reaching N5.98 billion over the nine months ending September 30, 2026, a remarkable 218.9% increase from N1.88 billion during the same period in 2025. Revenue also expanded to N280.12 billion, marking a 37.4% rise from N203.83 billion, primarily driven by growth in the company's white petroleum products business.

Despite this robust performance, the third quarter of 2026 was less prosperous, with pre-tax profit falling to N206.51 million, down from N774.99 million in the same period last year.

Gross profit expanded to N26.03 billion, with the margin improving to 9.29% from 8.18%, indicating enhanced operational efficiency. However, the quarterly earnings were pressured, with profit after tax dropping to N5.31 billion, compared to N1.46 billion in the corresponding period of 2025. Total cost of sales surged to N254.09 billion, up from N187.15 billion, yet the company managed to maintain profitability.

Conoil's asset base grew by 6.99% to N149.11 billion by September 2026, largely bolstered by an increase in trade and other receivables. However, net cash and cash equivalents narrowed to a negative N55.71 billion, reflecting heightened liquidity pressures amid heightened borrowing and finance costs. The company's share price closed at N210.00 on November 2, 2026, a year-to-date gain of 12.2%, with a one-year return of 10.1%.