Conoil Plc reports N6.22 billion profit for FY 2022

Conoil Plc has released its unaudited financial statement for the year ended 31st December 2022.

The report shows that the energy firm’s profit rose by an impressive 101.8% to N6.22 billion from the N3.082 billion reported in the previous year.

Key details of the unaudited financial report are summarised below.

Revenue

2022 FY: N131.442 billion

2021 FY: N126.726 billion

Change: +3.7%

Gross Profit

2022 FY: N15.834 billion

2021 FY: N11.161 billion

Change: +41.87%

Operating Income

2022 FY: N200.325 million

2021 FY: N172.014 million

Change: +16.5%

Finance cost

2022 FY: N1.438 billion

2021 FY: N757 million

Change: +90%

Pre-tax profit

2022 FY: N7.277 billion

2021 FY: N3.831 billion

Change: +89.9%

Net Profit after tax

2022 FY: N6.221 billion

2021 FY: N3.082 billion

Change: +101.8%

Earnings per shares

2022 FY: N897

2021 FY: N444

Change: +101.8%

Bottom line: The growth in profits was due to the increase in revenue from sale of petroleum products despite inflationary pressure and depreciation of the naira.

While all the sales were made within Nigeria, the revenue excludes investment income.