Conoil Plc delivered a strong first-quarter performance in 2026, reporting a profit after tax of N3.90 billion, representing an increase of 1,235.3 percent from N292.1 million recorded in the corresponding period of 2025.
According to the company’s Q1 financial report, strong earnings growth was achieved despite a decline in revenue, reflecting significant improvements in cost management and operating efficiency.
The petroleum products marketer generated revenue of N71.45 billion during the quarter, down 9.8 percent from N79.26 billion reported a year earlier. While the decline in turnover may suggest softer sales volumes or pricing pressures within the downstream oil sector, the company more than compensated through stronger gross margins.
Read also: Conoil reports weakest profit in five years on rising finance costs
Cost of sales fell by 17.7 percent to N60.84 billion from N73.94 billion, substantially outpacing the drop in revenue. As a result, gross profit doubled to N10.61 billion from
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