Conoil PlcNSENG: CONOIL

Q4 unaudited financial statement for the period ended 31 dec 2024

Jan 31, 2025 at 6:05 PM UTC · Issued by Conoil Plc

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024
Contents	Page
Corporate information	3
Results at a glance	4
Statement of directors' responsibilities	5
Statement of directors' certification	6
Statement of securities trading policy	7
Statement of free trade rules status	8
Statement of profit or loss and other comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cashflows	12
Notes to the financial statements	13-49
Statement of value added	50

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	2

			CORPORATE INFORMATION
Directors:	Dr. Mike Adenuga (Jr), GCON	-	Chairman
	Mr. Ike Oraekwuotu	-	Acting CEO	-	With effect from 6th April 2024
	Dr. Moses Ebietsuwa Omatsola	-	Director
	Mr. Mike Jituboh	-	Director
	Engr Babatunde Okuyemi	-	Director
	Mr. Joshua Ariyo	-	Director
	Mr. Ademola Idowu	-	Director
	Miss Abimbola Michael - Adenuga	-	Executive Director
	Mr. Salam Ajani Ismail	-	Executive Director, Finance
Company Secretary:	Mr. David Lanre-Leke
RC Number:	7288
Registered Office:	Bull Plaza
	38/39 Marina
	Lagos
	www.conoilplc.com
Auditors:	Nexia Agbo Abel & Co
	43 Anthony Enahoro Street
	Utako
	FCT Abuja.
	www.nexianigeria.com
Registrars:	Meristem Registrars Limited
	213 Herbert Macaulay Way
	Adekunle
	Yaba
	Lagos
	www.meristemregistrars.com
Principal Bankers:	First Bank of Nigeria Limited
	Guaranty Trust Bank Plc

Sterling Bank Plc

United Bank for Africa Plc

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	3

		RESULTS AT A GLANCE
		December
	December
	2024	2023	%
	N'000	N'000	Change
Revenue	323,127,667	201,387,053	60.5
Profit before taxation	13,805,832	12,277,265	12.5
Taxation	(2,416,021)	(2,409,026)	0.3
Profit for the year	11,389,811	9,868,239	15.4
Retained earnings	37,934,805	28,973,828	30.9
Share capital	346,976	346,976	-
Shareholders' funds	42,106,550	33,145,573	27.0
Per share data
Earnings per share (kobo)	1,641	1,422	15.4
Dividend per share (kobo)	-	250	-
Net assets per share (kobo)	6,068	4,776	27.0

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	4

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

In conformity with the provisions of Section 377 of the Companies and Allied Matters Act 2020, the Directors are responsible for the preparation of the financial statements which give a true and fair view in accordance with International Financial Reporting Standards (IFRSs) and in the manner required by the Companies and Allied Matters Act, 2020. In doing so, they ensure that:

In preparing the financial statements, the Directors are responsible for:

Proper accounting records are maintained;
Applicable accounting standards are complied with;
Suitable accounting policies are adopted and consistently applied;
Judgments and estimates made are reasonable and prudent;
The going concern basis is used, unless it is inappropriate to presume that the Company will continue in business; and
Internal control procedures are instituted which, as far as is reasonably possible, safeguards the assets
and also prevents and detects fraud and other irregularities.

Going Concern

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

The financial statements of the Company for the year ended 31 December, 2024 were approved by the Directors on January 29, 2025.

On behalf of the Directors of the Company

Mr. Salam Ismail Ajani	Dr. M. Ebietsuwa Omatsola	Mr. Ike Oraekwuotu
Finance Director	Director	Acting CEO
FRC/2018/ICAN/00000018798	FRC/2013/COMEG/00000003735	FRC/2016/NIM/00000015427

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	5

STATEMENT OF DIRECTORS' CERTIFICATION

FOR THE YEAR ENDED 31 DECEMBER 2024

CERTIFICATION IN PURSUANT TO S. 60(2) OF THE INVESTMENT & SECURITIES ACT NO. 29 OF 2007

We, the undersigned, hereby certify the following with regards to the Financial Statements for the year ended 31 December 2024 that:

We have reviewed the reports;
To the best of our knowledge, the report does not contain:
1. Any untrue statement of a material fact, or
2. Omit to state a material fact, which would make the statements misleading in the light of the circumstance under which such statement was made.
To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the periods presented in the reports.
We:
1. Are responsible for establishing and maintaining internal controls;
2. Have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;
3. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.
4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.
We have disclosed to the Auditors of the Company and Audit Committee:
1. All significant deficiencies in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's Auditors any material weakness in internal controls; and
2. Any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.
We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Salam Ismail Ajani		Mr. Ike Oraekwuotu
Finance Director		Acting CEO
FRC/2018/ICAN/00000018798		FRC/2016/NIM/00000015427

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	6

STATEMENT OF SECURITIES TRADING POLICY

FOR THE YEAR ENDED 31 DECEMBER 2024

CERTIFICATION IN COMPLIANCE WITH RULE 17.15 DISCLOSURE OF DEALINGS IN ISSUER'S SHARES

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Conoil Plc maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares.

The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement.

Mr. Salam Ismail Ajani		Mr. Ike Oraekwuotu
Finance Director		Acting CEO
FRC/2018/ICAN/00000018798		FRC/2016/NIM/00000015427

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	7

STATEMENT OF FREE FLOAT RULES STATUS

FOR THE YEAR ENDED 31 DECEMBER 2024

SHAREHOLDING STRUCTURE/FREE FLOAT STATUS

Description		31-Dec-24	31-Dec-23

		Unit	Percentage	Unit	Percentage

Issued Share Capital		693,952,117.00	100	693,952,117.00	100

Substantial Shareholdings (5% and above)
	516,298,603.00	74.40	516,298,603.00	74.40
Conpetro Limited
Total Substantial Shareholdings		516,298,603.00	74.40	516,298,603.00	74.40
Directors Shareholdings (Direct &
Indirect), Excluding Directors with
substantial Interests
Dr. M. E. Omatsola		541.00	0.000001	541	0.000001
Engr. Babatunde Okuyemi		8,500.00	0.000012	8,500	0.000012
Mr. Joshua Ariyo		25,365.00	0.000037	25,365	0.000037
Mr. Ademola Idowu		15,125.00	0.000022	15,125	0.000022
Total Directors Shareholding		49,531.00	0.000071	49,531	0.000071
Other Influential Shareholdings
		Nil	Nil	Nil	Nil
Total Other Influential Shareholdings		Nil	Nil	Nil	Nil
Free Float in Units and Percentage		168,336,550.00	24.26%	168,336,550	24.26%

DECLARATION:

Conoil Plc with a free float percentage of 24.26% as at 31 December 2024, is compliant with The Exchange's Free Float requirements for the companies listed on the Main Board.

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	8

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

		Oct-Dec		Oct-Dec	Jan-Dec		Jan-Dec

	Note	2024	2023		2024	2023
		N'000				N'000		N'000
Revenue	5	73,996,743	50,744,845		323,127,667	201,387,053
Cost of sales	6	(71,132,608)		(45,709,833)		(294,720,316)		(181,555,895)
Gross profit		2,864,135	5,035,012		28,407,351	19,831,158
		-	-
Other operating income	7	-	-		-	113,810
Other gains or losses	8	-	-		-	1,541,626
Distribution expenses	9	(1,519,392)	(225,697)		(4,990,778)	(2,763,026)
Administrative expenses	10	(1,374,885)	(1,095,408)		(5,727,852)	(4,490,965)
Finance cost	11	(1,406,794)		(487,495)		(3,882,889)	(1,955,338)
Profit before tax	12	(1,436,936)		3,226,412		13,805,832		12,277,265
Income tax expense	13	704,060		(790,471)		(2,416,021)		(2,409,026)
Profit/(Loss) for the period/year		(732,876)		2,435,941		11,389,811		9,868,239
Other comprehensive income for the year net taxes	-		-	-
Total comprehensive income		(732,876)	2,435,941		11,389,811	9,868,239
Earnings per share
Basic earnings per share (kobo)	14	-		351		1,641		1,422
Diluted earnings per share (kobo)	14	-		351		1,641		1,422

The notes on pages 13 to 49 form part of these financial statements.

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	9

STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER 31, 2024

			December	December
			2024			2023
Assets		Note	N'000			N'000
Non-current assets
Property, plant and equipment	15	2,472,060			1,562,072
Intangible assets	16	10			10
Investment property	17	10			10
Other financial assets	18	10			10
Prepayments	19	154,472			94,762
Deferred tax assets	13	2,213,519			2,213,519
Total non-current assets			4,840,081			3,870,383
Current assets
Inventories	20	36,807,384			16,539,763
Trade and other receivables	21	64,876,082			65,644,958
Prepayments	19	82,007			96,120
Cash and bank balances	22	6,964,447			11,326,753
Total current assets			108,729,920			93,607,594
Total assets			113,570,001			97,477,977
Equity and liabilities
Equity
Share capital	23	346,976			346,976
Share premium	23	3,824,769			3,824,769
Retained earnings	24	37,934,805			28,973,828
Total equity			42,106,550			33,145,573
Non - Current liabilities
Distributors' deposits	27	490,099			486,099
Deferred tax liabilities	13	162,655			162,655
Decommissioning liability	28	116,960			109,048
Total non-current liabilities			769,714			757,802
Current liabilities
Borrowings	25	27,416,462			32,005,917
Trade and other payables	26	37,751,844			26,732,921
Current tax payable	13	5,525,431			4,835,764
Total current liabilities			70,693,737			63,574,602
Total liabilities			71,463,451			64,332,404
Total equity and liabilities			113,570,001			97,477,977

These financial statements were approved by the Board of Directors on January 29, 2025	and signed on
its behalf by:

Mr. Salam Ismail Ajani	Dr. M. Ebietsuwa Omatso Mr. Ike Oraekwuotu
Finance Director	Director	Acting CEO
FRC/2018/ICAN/00000018798	FRC/2013/COMEG/0000 FRC/2016/NIM/00000015427

The notes on pages 13 to 49 form part of these financial statements.

CONOIL PLC	2024 FINANCIAL STATEMENTS
RC: 7288	10

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