Conoil says its revenue surged by 60% to N323bn in 2024

Conoil Plc has reported a revenue of N323.1 billion for the fiscal year 2024. 

In a statement on Friday, the company said the revenue surged by 60.5 percent from N201.4 billion in 2023.

The company said the strong performance highlights the success of its strategic initiatives and the operational agility of the business.

Additionally, Conoil said “growth in total assets rose from N97.5 billion to ₦114.9 billion, reflecting a robust 18% expansion”.

The company said its shareholders’ funds also increased by 19.1 percent, reaching N39.5 billion, thereby strengthening the company’s financial base.

Conoil said its balance sheet resilience was boosted by a “10% reduction in borrowings, bringing total liabilities of that category down from ₦32 billion to ₦28.7 billion”.

The company also announced a dividend payout of N2.42 billion for the 2024 financial year, equivalent to N3.50 kobo per 50 kobo share.

Conoil approved the dividend at its 55th annual general meeting held in Uyo, Akwa Ibom, at the weekend.

In his address to shareholders, Mike Adenuga, chairman of the board, described the year as one marked by significant macroeconomic pressures.

He attributed the company’s achievements to proactive decision-making, prudent resource management, and a firm commitment to operational excellence.

Adenuga underscored the critical role of human capital in sustaining Conoil’s growth, noting that the company’s success is driven by the dedication, professionalism, and innovative capacity of its workforce.

He reaffirmed Conoil’s full compliance with the Nigerian Code of Corporate Governance (2018), emphasising the company’s commitment to accountability, transparency, and sustainable growth.

Adenugu also acknowledged increasing global expectations for responsible corporate citizenship, stating that Conoil has continued to support social development initiatives and positively impact host communities through the responsible use of its resources and influence.

Expressing optimism about the future, Adenuga pointed to opportunities arising from Nigeria’s ongoing economic reforms and the anticipated growth of both oil and non-oil sectors.

‘NIGERIA GRAPPLES WITH FISCAL, STRUCTURAL CHALLENGES IN 2024’

The company said Nigeria faced significant fiscal and structural challenges in 2024, including persistent inflation, infrastructure deficits, exchange rate volatility, and economic adjustments following fuel subsidy removal.

“These issues combined to squeeze purchasing power, heighten operational costs, and dampen business prospects across multiple sectors. Yet, within this difficult environment, Conoil Plc not only navigated the turbulence but concluded the year with commendable financial outcomes,” Conoil said.

“The Company continues to invest in talent, nurturing a culture that values productivity, equality, and personal fulfilment, irrespective of background, gender, or creed.

“Beyond its internal strengths, Conoil reaffirmed its steadfast adherence to ethical business conduct and responsible corporate governance.”

The company said it is poised to deepen its footprint in critical product segments, expand its lubricants and liquefied petroleum gas (LPG) markets, and strengthen its aviation fuel delivery infrastructure, ensuring it remains competitive in a deregulated downstream environment.