Conoil Plc, the Nigerian Exchange-listed petroleum marketing firm headed by billionaire Mike Adenuga, maintained its great performance in the first half of 2024, with revenue increasing by 107% to more than $110 million in the first six months of the current fiscal year.
The petroleum marketing company’s unaudited financial accounts show revenue increased from N87.14 billion ($53 million) in H1 2023 to N180.57 billion ($108 million) in H1 2024. Petroleum product sales were the primary driver of the large revenue growth.
Petroleum product sales, which included Premium Motor Spirit, Aviation Turbine Kerosene, Low-pour Fuel Oil, and Automotive Gasoline, totaled N178.15 billion ($108 million) in revenue.
As a result, gross profit increased to N17.53 billion ($10.56 million) from N12.2 billion in H1 2023, while profit after tax increased to N8.02 billion ($4.9 million) from N6.25 billion ($3.8 million) in the previous year, despite growing direct and operating expenditures.
Conoil, Nigeria’s largest indigenous oil marketing company, has benefited from the strong leadership of Mike Adenuga, who has a 74.4 percent ownership in it.
Adenuga’s diverse business empire, including telecom giant Globacom, has led to his $6.6 billion fortune, making him one of Africa’s wealthiest people. He is currently Nigeria’s second richest person and Africa’s sixth wealthiest.
While Conoil announces positive results, Globacom, Adenuga’s telecommunications firm, remains resilient. The Glo 1 submarine cable connecting the UK to Nigeria has been in operation for eight years without interruption.
This milestone emphasizes the cable’s vital role in delivering stable internet connectivity across Nigeria and the region, especially during times of network breakdown.
