CONOIL PLC (NG CONOI) has released its unaudited financial statements for the first half of the year ended June 30, 2025, revealing a significant downturn in key financial metrics when compared to the same period in 2024. The report shows a significant decline in both revenue and profit for the period.
Financial Highlights;
The company’s revenue fell by 20.4%, from N180.57 billion in H1 2024 to N143.65 billion in H1 2025.
Gross profit declined by 35.2%, from N17.53 billion in H1 2024 to N11.36 billion in H1 2025.
Administrative expenses remained relatively stable, with a slight increase from N3.20 billion in H1 2024 to N3.21 billion in H1 2025.
Finance costs increased significantly by 114.2%, from N2.22 billion in H1 2024 to N4.76 billion in H1 2025.
Profit before tax declined from NN10.21 billion in H1 2024 to N1.15 billion in H1 2025.
The report showed a sharp 88.8% drop in profit after tax, which plummeted from N8.02 billion in H1 2024 to N900.42 million in H1 2025.
Similarly, the earnings per share declined by 88.8% from N11.56 in H1 2024 to N1.30 in H1 2025.
Financial Position
Total assets showed a modest increase of 2.3%, from N114.95 billion in 2024 to N117.56 billion in H1 2025 out of which N111.71 billion are current assets while N5.86 billion are non-current assets.
Major assets components
- Trade and other receivables which increased from N71.9 billion in 2024 to N89.01 billion in H1 2025.
- Inventories which declined from N29.25 billion in 2024 to N14.48 billion in 2025.
- Cash and cash balances which increased slightly from N7.26 billion in 2024 from N7.85 billion
- Property, plant and equipment dropped to N3.97 billion in 2024 to N3.37 billion in 2025.
Total liabilities also saw an increase, rising from N75.46 billion in 2024 to N77.17 billion in H1 2025, representing a 7.5% increase out of which N76.03 billion is current liabilities while N1.14 billion is non-current liabilities.
Major components of liabilities
- Trade and other payables rose to N50.26 billion from N40.57 billion in 2024
- Current borrowings dropped to N21.46 billion in 2025 from N28.68 billion in 2024.
Shareholders equity stood at N40.39 billion slightly lower than N39.49 billion reported in 2024.
Cash flow:
Net cash generated in operating activities rose to N12.57 billion in H1 2025 from N8.8 billion in 2024
There was no cash flow from investing activities in H1 2025 against N3.14 billion used in the same activities in the same period last year.
Cashflows from financing activities dropped to N4.76 billion in H1 2025 from N6.38 billion in 2024.
Cash and cash equivalents at 30 June 2025 was negative N13.6 billion.
Net negative cash and cash equivalent position arose basically as a result of the need to invest more in inventory stock and drive sales through credit sales during the year.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
