Mike Adenuga's oil marketing firm nets $8.12-million profit in H1 2023 - Report

Conoil Plc, the prominent Nigerian petroleum marketing company controlled by billionaire tycoon Mike Adenuga, has continued its winning streak, surpassing expectations with a remarkable financial performance in the first half of its 2023 fiscal year.

According to its half-year financial statement, Conoil recorded a 245-percent increase in profit, soaring from N1.81 billion ($2.35 million) in H1 2022 to an impressive N6.25 billion ($8.12 million) at the end of the first six months of 2023.

This significant surge in profit can be attributed to the group’s heightened sales during the period under review, leading to a substantial 54.9-percent increase in revenue, which surged from N56.25 billion ($73.28 million) to N87.14 billion ($113.5 million).

Conoil‘s stronghold in the petroleum market, specializing in diesel, kerosene, low-pour fuel, aviation fuel, and gasoline sales, has contributed to its exponential growth. Additionally, its line of lubricants, marketed under the brand name “Quarto,” has significantly bolstered the company’s success.

Adenuga, a leading telecom mogul and one of Africa’s wealthiest billionaires, maintains a majority stake of 74.4 percent, or 516,298,603 shares, in the oil marketing business.

As the chairman of Conoil, Adenuga has steered the company to great heights, solidifying its position in the Nigerian oil industry while he continues to be a dominant force in the African telecom sector through his telecom company, Globacom.

Under Adenuga’s astute leadership, Conoil’s total assets have witnessed a substantial surge, climbing from N65.91 billion ($85.7 million) at the beginning of the year to an impressive N81.28 billion ($105.7 million) as of June 30, 2023.

Bolstered by the exceptional profit growth in H1 2023, the group’s retained earnings have also seen unprecedented growth, rising significantly from N20.84 billion ($27.1 million) at the start of the year to an impressive N27.1 billion ($35.23 million) as of June 30, 2023.

Conoil’s continuous financial success marks the company’s commitment to maintaining a leading position in the Nigerian petroleum industry and highlights the visionary leadership of Adenuga in navigating the company to achieve remarkable milestones.