Conoil Plc released its first quarter unaudited financial statements for the period ended March 31, 2023 with noticeable improvement seen across major metrics.

While the first quarter revenue increased by 33.7 percent, profit after tax for the period jumped by 440 percent, both boosted by strong sales in white products.

Revenue for the first quarter ended 31 March 2023 increased to N34.97 billion as against N26.14 billion made in the corresponding period of 2022.

As a downstream firm, Conoil has three different business segments which are white products, Lubricants and Liquefied Petroleum Gas (LPG).

“The White products segment is involved in the sale of Premium Motor Spirit (PMS), Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO) and Automotive Gasoline/grease Oil (AGO). The products under the lubricants segment are Lubricants transport, Lubricants industrial, Greases, Process Oil and Bitumen. Products traded under the LPG segment are Liquefied Petroleum Gas – Bulk, Liquefied Petroleum Gas – Packed, cylinders and valves,” Conoil stated.

According to its financials, Conoil generated N33.62 billion from the sale of white products during the first quarter of this year while lubricants fetched the firm N1.35 billion. The firm incurred N27.83 billion and N1.12 billion as cost of sales on the two business segments, yielding segment gross profits of N5.78 billion and N219.84 million respectively.

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As of March 2022, Conoil realised N23.42 billion and N2.72 billion a segment revenue from white products and lubricants. With segments’ cost of sales amounting to N20.86 billion and N2.44 billion, the firm was left with N2.56 billion and N278.77 million segment gross profits last year March.

Profit before tax as of March 2023 was N3.69 billion compared to N742.96 million as of March 2022.

Profit after tax was N3 billion by March 2023 compared to N557.22 million as of March 2022.

Basis earnings per share was N4.34 as of March 2023 as against N0.80 in the corresponding period of 2022.

Total assets rose by 16.6 percent during the quarter to N78.84 billion, up from N65.91 billion in the corresponding quarter of 2022.

Total equity increased by 12 percent to N28.02 billion, up from N25.01 billion as of March 2022.