NIGERIA · FUEL RETAIL · COMPANY RESULTS
Conoil, a Nigerian petrol and lubricants marketer, reports nine-month profit of 5.31 billion naira (about US$3.9 million). The accounts give two different prior-year bases, so the size of the rise depends on which is right.
Conoil, a Nigerian petrol and lubricants marketer, filed unaudited nine-month results on Monday, 2 November. Profit for the nine months was 5.31 billion naira (about US$3.9 million), and the board approved the accounts on 29 October.
Revenue was 280.1 billion naira (about US$208 million), so profit was about 1.9% of sales. Conversions use the Central Bank of Nigeria’s official central rate of 1,346.43 naira per US$ on 3 November 2026.
What the Filing Shows
The summary table has pre-tax profit at 5.98 billion naira (about US$4.4 million), up 219% from 1.88 billion naira (about US$1.4 million). It puts profit for the period up 262% from 1.46 billion naira (about US$1.1 million).
Earnings per share were 7.65 naira (about US$0.006), against 2.11 naira a year before in the same table. Gross profit was 26.0 billion naira (about US$19.3 million), a margin of about 9%.
Finance costs were 13.0 billion naira (about US$9.6 million), against 4.8 billion naira (about US$3.5 million) a year earlier. Those costs took roughly half of gross profit.
A closer crop of the same Conoil filling station in Gombe, Nigeria, in an undated photo. It does not show the company’s results. Photo: Yahuzaishat / Wikimedia Commons (CC BY-SA 4.0)Two Different Prior-Year Figures
The income statement shows different 2025 figures: revenue 143.6 billion naira (about US$107 million), profit 0.90 billion naira (about US$0.7 million). Against those, revenue is up 95% and profit up almost six-fold.
The 37% and 262% rises quoted in the summary match only the summary table’s 2025 column. The filing does not explain the gap, which may reflect restated comparatives.
A Weaker Third Quarter
In the third quarter alone, revenue rose 56% to 100.2 billion naira (about US$74 million). Profit for the quarter fell 75% to 152.8 million naira (about US$113,000) from 608.4 million naira (about US$452,000).
Finance costs for the quarter were 4.7 billion naira (about US$3.5 million), nearly double last year’s 2.5 billion naira (about US$1.8 million). That means most of the nine-month profit was earned before July.
Balance Sheet and Ownership
Borrowings stood at 64.8 billion naira (about US$48 million), up from 54.9 billion naira (about US$41 million) at the comparison date. Cash and bank balances fell to 9.1 billion naira (about US$6.8 million) from 12.9 billion naira (about US$9.6 million).
Total equity was 44.5 billion naira (about US$33 million) on assets of 149.1 billion naira (about US$111 million). Conpetro Limited holds 74.4% of the shares, and the filing lists Dr Mike Adenuga Jr as chairman.
What It Means for US Readers
Conoil’s profit is a sliver of its sales, which shows how thin Nigerian fuel retail margins are when financing costs rise. The shares closed at 210 naira (about US$0.16) on the Nigerian Exchange list.
What Is Not Known
The company has not said which prior-year base is correct or why the two differ. The filing carries no management commentary and no dividend proposal.
The share price reaction to the results is not confirmed from exchange data. The accounts are unaudited.
What Comes Next
Watch for the fourth-quarter figures and the audited 2026 accounts, which will settle the comparatives. A dividend decision would come with the full-year results.
One strong half does not guarantee a strong year, given the weaker third quarter. High borrowing costs remain the main drag on profit.
Frequently Asked Questions
How much profit did Conoil make in nine months?
Conoil reported profit of 5.31 billion naira (about US$3.9 million) on revenue of 280.1 billion naira (about US$208 million). The accounts are unaudited.
Did Conoil’s profit really rise 262%?
The filing’s summary table says so, against a 2025 profit of 1.46 billion naira (about US$1.1 million). Its income statement shows a lower 2025 base, which would imply a larger rise.
Why did third-quarter profit fall?
Profit fell 75% to 152.8 million naira (about US$113,000) as finance costs nearly doubled to 4.7 billion naira (about US$3.5 million). The filing gives no further explanation.
Who owns Conoil?
Conpetro Limited holds 74.4% of the shares, according to the filing. The chairman is Dr Mike Adenuga Jr.
Can US investors buy Conoil?
Conoil is listed on the Nigerian Exchange and trades in naira. US investors need a broker with access to Nigerian stocks.
Sources: Conoil Plc, unaudited financial statements for the period to 30 September 2026 (Nigerian Exchange filing, 2 November 2026); Nigerian Exchange, equities price list (4 November 2026); Central Bank of Nigeria, official exchange rates (central rate 1,346.43 naira per US$, 3 November 2026) (all accessed 4 November 2026).
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