Conoil Plc's Profit Plunges to Five-Year Low Amid High Finance Costs in Nigeria's Oil Market

Conoil Plc's profit plummeted to its weakest level in five years, dropping by 87.9% to N1.46 billion in the first nine months of 2025. The decline was attributed to high finance costs, weaker fuel sales, and increased competition in Nigeria's downstream oil market.

The company's revenue fell by 18.2% to N203.8 billion, with gross profit declining by 34.7%. Conoil faced challenges from rising financial expenses, interest costs, and a significant increase in short-term bank borrowings.

The company also experienced work capital stress and cash flow pressures, leading to a negative cash position by the end of the period.