Conoil Plc, the premier petroleum marketing firm headed by Nigerian billionaire Mike Adenuga, has declared a historic financial performance for the fiscal year 2023, exceeding investors’ expectations with record-breaking revenue of over $140 million.
Conoil’s revenue increased by 53.2% from N131.42 billion ($93 million) in 2022 to N201.39 billion ($142.4 million) in 2023, according to its unaudited financial accounts.
Sales of Premium Motor Spirit (PMS), Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO), and Automotive Gasoline/grease Oil (AGO) increased significantly from N120.37 billion ($85.1 million) in 2022 to N194.96 billion ($137.9 million) in 2023, accounting for the revenue increase.
Adenuga’s leadership and the company’s strategic concentration on diesel, kerosene, aviation fuel, and gasoline sales, together with the success of its lubricants under the brand name “Quarto,” have cemented Conoil’s position in Nigeria’s oil business.
Adenuga, a well-known telecom magnate and one of Africa’s wealthiest billionaires, controls 74.4 percent of Conoil, or 516,298,603 shares. As chairman, Adenuga’s strategic leadership has catapulted the firm to unprecedented heights, strengthening its position in Nigeria’s oil industry.
Under Adenuga’s management, Conoil’s total assets increased significantly in 2023, growing from N65.91 billion ($46.61 million) at the beginning of the year to N107.99 billion ($76.4 million) by December 31, 2023.
The company’s retained earnings also increased dramatically, rising from N20.84 billion ($14.74 million) as of December 31, 2022 to N28.73 billion ($20.32 million) as of December 31, 2023, owing to outstanding profit growth throughout the year.
Conoil Plc, a member of the Major Oil Marketers Association of Nigeria (MOMAN), has registered to distribute petroleum from the Dangote Oil Refinery in Nigeria as part of its strategic expansion initiatives.