Conoil, a Nigerian petrol and lubricants marketer listed on the Nigerian Exchange (NGX) in Lagos, more than tripled its nine-month profit after tax, the profit left once tax is paid, to N5.31 billion (about US$3.95 million), counted in naira (N), Nigeria’s currency. Yet operations generated only N274.81 million (about US$0.20 million) in cash, against a recommended 2025 dividend, the cash payment a company makes to shareholders, costing N1.388 billion (about US$1.03 million).
Key Facts
—Profit. Nine-month profit after tax was N5.31 billion (about US$3.95 million), against N1.46 billion (about US$1.09 million).
—Cash. Operations generated only N274.81 million (about US$0.20 million) in cash over the nine months.
—Dividend. Directors recommended N2.00 per share (about US$0.0015) for 2025, down from N3.50 (about US$0.0026).
—Shares. The stock closed at N210 (about US$0.16) on each trading day from 2 to 11 November 2026.
What the Accounts Show
Revenue for the nine months to 30 September 2026 was N280.12 billion (about US$209 million), up 37.4% from N203.83 billion (about US$152 million). We convert naira at N1,343 per US$, the rate on 13 November 2026; our earlier Conoil report covers the filing itself.
Profit before tax rose 218.9% to N5.98 billion (about US$4.45 million) from N1.88 billion (about US$1.40 million). Earnings per share (EPS), meaning profit divided by shares in issue, reached 765 kobo, or N7.65 (about US$0.0057), against 211 kobo; a kobo is one hundredth of a naira.
In the third quarter, July to September, revenue rose to N100.23 billion (about US$75 million) from N64.39 billion (about US$48 million). Yet profit before tax fell 73.4% to N206.51 million (about US$0.15 million) from N774.99 million (about US$0.58 million).
Over nine months, profit after tax was about 1.9% of sales (5.31 divided by 280.12). That is about 1.9 kobo of profit for each naira of sales.
Why Cash Matters More Than Profit
Profit is an accounting figure, while cash pays suppliers, lenders and shareholders. Net cash from operations, the cash the business generates before investing or borrowing, was only N274.81 million (about US$0.20 million) in nine months.
Receivables, the money customers owe the company, rose to N113.85 billion (about US$84.8 million) from N90.59 billion (about US$67.5 million) at 31 December 2025. That is an increase of N23.26 billion (about US$17.3 million), or 25.7%.
When a company sells on credit, the sale counts as revenue at once, but the cash arrives only when the customer pays. Growing receivables can let profit run ahead of cash in general, though the filings do not say why Conoil’s rose.
Borrowings rose to N64.80 billion (about US$48.3 million) from N54.90 billion (about US$40.9 million). Cash and bank balances fell to N9.09 billion (about US$6.8 million) from N12.91 billion (about US$9.6 million).
Finance costs, the interest and charges on that debt, were N12.99 billion (about US$9.7 million) over nine months. That is more than twice the N5.98 billion (about US$4.45 million) profit before tax.
A Stock That Barely Trades
Conoil closed at N210.00 (about US$0.16) on every trading day from 2 to 11 November 2026, with daily volumes of roughly 2,000 to 7,000 shares. On Monday 9 November, when Dangote Cement, a cement maker, jumped 9.6% and lifted the exchange, Conoil’s price did not move.
A yield, the annual dividend as a share of the price, shows how small the payout is. At N210, nine-month earnings of N7.65 (about US$0.0057) equal about 3.6% of the price (7.65 divided by 210).
A dividend of N2.00 (about US$0.0015) gives a yield of 0.95% (2.00 divided by 210). A dividend of N3.50 (about US$0.0026) gives 1.67% (3.50 divided by 210).
Conoil’s majority shareholder, Conpetro Limited, owns 74.4% of the company, according to the 2025 accounts. The roughly 694 million shares in issue leave about 25.6% with the public.
The Dividend Record
In the audited (independently checked) 2025 accounts, directors recommended N2.00 (about US$0.0015) per share, a proposal shareholders approve at their annual general meeting. That would cost N1.388 billion (about US$1.03 million) in total, 42.9% below the N2.429 billion (about US$1.81 million) paid for 2024 at N3.50 (about US$0.0026) per share.
The company’s 2025 accounts list a dividend for every year from 2001 to 2024, ranging from N0.50 (about US$0.0004) to N4.00 (about US$0.0030) per share, the peak being for 2013. The last five years in that list were:
- N3.50 (about US$0.0026) for 2024
- N3.50 (about US$0.0026) for 2023
- N2.50 (about US$0.0019) for 2022
- N2.50 (about US$0.0019) for 2021
- N1.50 (about US$0.0011) for 2020
What to Watch Next
No date for a 2026 dividend decision is confirmed, so the next verifiable event is a notice filed with the NGX. The fourth-quarter figures will show whether receivables and cash improve.
For context, see the nine-month results of Dangote Cement, another NGX-listed company. Conoil’s full-year accounts for 2026 will be the next primary document.
What Is Not Known
It is not known whether the board will declare a dividend for 2026, or when. Nor could we confirm in an exchange notice whether the N2.00 (about US$0.0015) recommended for 2025 has been paid.
The fourth-quarter result is also unknown. So is the reason receivables rose, which the filings reviewed here do not establish.
What It Means for You
Conoil is quoted on the Nigerian Exchange in naira. Here profit and cash from operations moved apart, and the shares traded thinly.
This article analyses reported numbers for information and is not investment advice. More Nigeria coverage is on our country page.
Frequently Asked Questions
Did Conoil’s profit really triple?
Profit after tax rose to N5.31 billion (about US$3.95 million) over nine months from N1.46 billion (about US$1.09 million). The third quarter alone was weaker, with profit before tax down 73.4%.
Has Conoil paid its 2025 dividend?
That could not be confirmed. Directors recommended N2.00 (about US$0.0015) per share for 2025, and we found no exchange notice on payment.
How much cash did Conoil generate?
Net cash from operations was N274.81 million (about US$0.20 million) for nine months. For all of 2025 it was N269.6 million (about US$0.20 million), against N8.80 billion (about US$6.55 million) in 2024.
Where does Conoil trade?
Conoil is quoted on the Nigerian Exchange in naira. Daily volumes of roughly 2,000 to 7,000 shares in early November show a thin market.
Sources: Conoil Plc audited financial statements for 2025, filed with the Nigerian Exchange (June 2026); Conoil Plc unaudited statement for the nine months to 30 September 2026, filed with the Nigerian Exchange; Nigerian Exchange share price and volume data, 2 to 11 November 2026; exchange rate of 13 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.