Conoil Plc has announced a final dividend of ₦3.50 per 50-kobo share for the financial year ended 31 December 2024. The announcement was made in a corporate filing submitted to the Nigerian Exchange on 14 November 2025, and signed by the Acting Company Secretary, Bolaji Owolabi.

According to the statement, the dividend will be paid electronically on 23 December 2025 to shareholders whose names appear on the company’s register as of 21 November 2025. The payment is subject to applicable withholding tax and regulatory approval. Conoil encouraged shareholders to ensure that their dividend mandates are up to date and advised those who have not completed their registration to download and submit the Registrar’s e-Dividend Mandate Activation Form.

For 2024, Conoil posted a pretax profit of ₦11 billion, slightly lower than the ₦12.2 billion reported in 2023. Retained earnings, however, rose by 21.90% to ₦35.3 billion, bolstering the company’s capacity to maintain shareholder returns.

Key Dividend Metrics

• Total dividend payout: ₦2.42 billion

• Market price: ₦190.70 per share

• Dividend yield: 1.84%

• Payout ratio: 27.68%

Weak Q3 and Nine-Month Performance in 2025

Conoil’s latest operating results show a sharp downturn in profitability. For the third quarter ended 30 September 2025, the company recorded a profit before tax of ₦728 million, representing an 85.50% year-on-year decline from the ₦5.02 billion posted in Q3 2024.

This decline contributed to a steep drop in its cumulative performance for the first nine months of 2025. Pretax profit for the period fell 88% to ₦1.88 billion, compared to ₦15.24 billion recorded in the same period of 2024. These figures were disclosed in the unaudited financial statements released on 1 November 2025.

Revenue Under Pressure

Revenue also weakened in the third quarter, falling 12.22% year-on-year to ₦60.18 billion. This dragged the nine-month revenue down 18.8% to ₦203.83 billion.

The company attributed the decline to weaker performance across its core segments—White Products, Lubricants, and LPG. The White Products segment, which includes petrol and kerosene and accounts for the bulk of sales, posted the largest drop due to lower volumes and a challenging operating environment.

Rising Costs Erode Profit Margins

Although the cost of sales fell 9.42% to ₦54.86 billion, the reduction was insufficient to prevent margin compression. Gross profit margin narrowed to 8.8% in Q3 2025 from 11.7% a year earlier.

Operating profit declined 35.8% to ₦1.64 billion, pressured by a 24% increase in administrative expenses, driven by inflation and higher personnel costs.

Finance costs surged by 744% to ₦2.13 billion, following a substantial rise in borrowings—one of the major factors behind the company’s diminished profitability.