Conoil Nigeria Plc has recorded a major drop in earnings as the growing supply of refined petroleum products from the Dangote Refinery continues to reshape Nigeria’s downstream oil market. In its financial results for the year ended December 2025, the company’s profit after tax fell by 75.25 percent to ₦2.17 billion, compared to ₦8.77 billion recorded in December 2024.
The company’s net profit margin also dropped to 0.71 percent from 2.71 percent in the previous year, reflecting weaker returns from its operations.
Revenue from the sale of petroleum products also declined. Conoil posted ₦301.72 billion in revenue for the period, down by 6.62 percent from ₦323.12 billion recorded in December 2024.
The figures point to the pressure facing downstream operators as Nigeria cuts back on imported petroleum products and leans more on local refining.
For years, Conoil and other independent marketers depended heavily on fuel importation to support their operations.
This post was originally published on this site.
