Conoil Plc, the Nigerian Exchange-listed petroleum marketing company controlled by billionaire Mike Adenuga, continued its strong performance in the first half of 2024, with revenue surging by 107 percent to over $110 million in the first six months of its current fiscal year.
According to the petroleum marketing company's unaudited financial statements , revenue surged from N87.14 billion ($53 million) in H1 2023 to N180.57 billion ($108 million) in H1 2024. Sales of petroleum products drove the significant increase in revenue.
Impressive financial performance driven by petroleum product salesThe sales of petroleum products, including Premium Motor Spirit, Aviation Turbine Kerosene, Low-pour Fuel Oil, and Automotive Gasoline, collectively contributed N178.15 billion ($108 million) to topline revenue.
As a result, gross profit soared to N17.53 billion ($10.56 million) from N12.2 billion in H1 2023, while profit after tax climbed to N8.02 billion ($4.9 million) from N6.25 billion ($3.8 million) in the prior-year period, despite rising direct costs and operating expenses.
