Conoil Plc’s Q3 2025 Profits Plunge 85% Despite Asset Growth

A brutal quarter for Conoil Plc: profits collapsed, costs soared, and share prices halved. Can Africa’s oil giant rebound from this financial storm?

, and ASMedia

2025 November 9 . 7:11 PM

1 min read

This image is clicked outside. There are so many stalls in the middle. There are so many persons... — This image is clicked outside. There are so many stalls in the middle. There are so many persons standing in the middle. There is sky at the top.

Conoil Plc’s Q3 2025 Profits Plunge 85% Despite Asset Growth

Conoil Plc has announced its financial results for the third quarter of 2025. Despite a 12.22% decrease in revenue, the company's shareholders' funds grew by 3.7% to N40.96 billion. However, the profit before tax plummeted by 85.50% to N728 million.

The quarter saw a significant decline in gross profit, down 33.8% to N5.31 billion. Finance costs skyrocketed by 744% to N2.13 billion. The company's trade receivables also grew substantially, increasing by 82% to N76.21 billion. Looking at the nine-month period, pre-tax profit dropped by 88% to N1.88 billion, and revenue decreased by 18.18% to N203.83 billion.

Dr. Michael Babajide Adenuga, the chairman of Conoil Plc, oversaw these results. The company's share price also took a hit, declining by 50.8% from the opening price in 2025. Despite these challenges, total assets increased by 11% year-on-year to N126.191 billion.

Conoil Plc's third quarter of 2025 was marked by significant declines in profit and revenue, despite an increase in shareholders' funds and total assets. The company will need to address these financial setbacks and work towards improving its IRS login performance in the coming quarters.