Conoil declares 77% drop in profit over hike in finance 

Conoil Plc on Monday announced its 2025 unaudited result and accounts with profit before tax dropping by 77 per cent to N2.53billion as  against N11 billion posted in 2024 financial year.  

The listed petroleum marketing company on the Nigerian Exchange Limited (NGX) also saw its profit after tax drop by 77.1 per cent to N2.01 billion in 2025 from N8.77billion in 2024. 

The decline reported by Conoil can be attributable to slow growth in revenue and hike in finance cost.

In the year under review, finance cost caused by interest on bank overdraft grew significantly by 162.5 per cent to N10.4 billion in 2025 from N3.95 billion declared in 2024.  

Also, Conoil declared  a 6.6 per cent drop in revenue to N301.72billion as against N323.13billion posted in 2024.