Conoil Plc has declared a final dividend of N3.50 per share of 50 kobo, payable to shareholders registered as of 21 November 2025. The announcement was made in a corporate filing on the Nigerian Exchange (NGX) on 14 November 2025, signed by Bolaji Owolabi, acting company secretary.
The dividend, relating to the year ended 31 December 2024, will be paid electronically on 23 December 2025, subject to withholding tax and regulatory approval. Shareholders who have not completed dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form to ensure receipt.
For 2024, Conoil reported a pretax profit of N11 billion, slightly down from N12.2 billion in 2023, while retained earnings rose to N35.3 billion, a 21.90% increase. The final dividend of N3.50 per share totals N2.42 billion, representing a dividend yield of 1.84% and a payout ratio of 27.68%.
In the third quarter (Q3) ended 30 September 2025, Conoil posted a profit before tax of N728 million, an 85.5% year-on-year decline from N5.02 billion in Q3 2024. This contributed to a nine-month pre-tax profit decline of 88%, falling to N1.88 billion from N15.24 billion over the same period.
Revenue in Q3 decreased 12.22% year-on-year to N60.18 billion, while nine-month revenue fell 18.8% to N203.83 billion. The decline affected all core segments—White Products, Lubricants, and Liquefied Petroleum Gas—with White Products, including petrol and kerosene, showing the steepest drop due to lower sales volumes and a challenging market environment.
Cost of sales decreased 9.42% year-on-year to N54.86 billion, but gross profit margin contracted from 11.7% to 8.8% in Q3 2025. Operating profit fell 35.8% to N1.64 billion, pressured by rising administrative and distribution costs. Administrative expenses rose 24% due to inflation and higher staff costs. Finance costs surged to N2.13 billion, a 744% increase, following additional borrowings.
Conoil’s dividend declaration reflects its commitment to delivering shareholder returns despite market challenges, while its financial results highlight pressures from revenue declines and rising costs in 2025.
