Conoil Strengthens Market Position with Robust 2024 Results

Conoil Plc has once again demonstrated its strength and strategic clarity in Nigeria’s downstream petroleum industry, announcing a proposed dividend payout of N2.428 billion for the 2024 financial year. The proposed dividend, amounting to 350 kobo per 50 kobo ordinary share, was unveiled at the Company’s 55th Annual General Meeting held on Friday, 19 December 2025, drawing commendation from shareholders amid a persistently challenging economic environment.

Addressing shareholders at the meeting, the Chairman described the year under review as one marked by intense macroeconomic headwinds. Nigeria’s business landscape was shaped by elevated inflation, infrastructural limitations, exchange rate volatility, and the economic recalibration following the removal of fuel subsidies. These factors placed pressure on consumer spending and operational costs across industries. Despite these constraints, Conoil Plc delivered a solid performance, reflecting its resilience and sound strategic positioning.

The Company recorded a remarkable 60.5 per cent growth in revenue, rising from N201.4 billion in the previous year to N323.1 billion in 2024. Total assets also expanded significantly by 18 per cent, increasing from N97.5 billion to N114.9 billion. Shareholders’ funds grew by 19.1 per cent to N39.5 billion, reinforcing the Company’s capital base. In addition, Conoil strengthened its financial structure by reducing borrowings by 10 percent, lowering this category of liabilities from N32 billion to N28.7 billion.

According to the chairman, these results were driven by timely strategic decisions, disciplined cost management, and a steadfast focus on operational efficiency. He underscored the importance of the Company’s workforce, noting that Conoil’s progress continues to be powered by the competence, commitment, and innovative capacity of its people.

The Company remains deliberate in investing in its human capital, fostering an inclusive workplace that promotes growth, fairness, and professional fulfilment.

The chairman further reaffirmed Conoil’s commitment to strong corporate governance and ethical business practices. He noted that the Company continues to operate in full compliance with the Nigerian Code of Corporate Governance 2018, embedding transparency, accountability, and sustainability into its operations. In line with its corporate citizenship responsibilities, Conoil also sustained its social investment efforts, contributing meaningfully to the development of its host communities.

Looking ahead, the Company expressed measured optimism as Nigeria’s economic reforms unfold and opportunities emerge across both oil and non oil sectors. Conoil plans to consolidate its presence in key product categories, scale its lubricants and LPG businesses, and enhance its aviation fuel supply infrastructure to remain competitive within a deregulated downstream market.

In closing, the chairman expressed appreciation to shareholders, customers, employees, and business partners for their continued confidence and support. He reaffirmed that Conoil Plc remains focused on innovation, disciplined execution, and long term value creation, positioning the Company to sustain growth and set new benchmarks in performance in the years ahead.