Conoil PlcNSENG: CONOIL

Amendment of q3 financial report

· Issued by Conoil Plc

Lagos, Nigeria

1st November, 2024

CONOIL PLC - AMENDMENT OF 2024 QUARTER 3 FINANCIAL REPORT

Conoil Plc hereby gives the Nigerian Exchange Limited (NGX) and the investing public notice as follows:

  1. Shortly after the Company's 2024 Q3 Financial Report was submitted, it was noticed that it contained a few errors engendered by systems issues emanating from power challenges, resulting in the duplication of some transactions, and thereby affecting the reported cost of sales and distribution expenses. The errors have since been corrected, and the faulty Report was withdrawn and replaced by the correct one.
  2. Based on the corrections and adjustments:
    (a). Cost of sales reduced by N200m, from N60.74bn to N60.54bn while the Gross Profit increased by N200m from N7.82bn to N8.02bn.
    (b). Distribution Expenses reduced by N603m from N2.19bn to N1.59 with a resultant reduction in total expenses.
    (c). The Profit Before Tax increased by N803m from N4.22bn to N5.02bn.
    (d). Income tax expense increased by N15.5m from N907.50mn to N923mn
    (e). Statement of Financial position:
    1. Retained Earnings increased by N787.5m to N41.1b
    2. Trade and other payables reduced by N803m to N31.28b
    3. Current Tax payable increased by N15.5m to N6.98bn

(f). Statement of Cashflows:

  1. Profit before tax increased by N803m to N15.24bn
  2. Positive change in trade & other payables reduced by N803m to N4.71bn.
  1. Statement of Changes in Equity:
    1. Profit for the period increased by N787.5m to N12.12bn

3. All inconveniences caused the NGX and the investing public are sincerely regretted.

CONOIL PLC

David Lanre-Leke

Company Secretary