Conoil PlcNSENG: CONOIL

Quarter 2 - financial statement for 2025

Aug 1, 2025 at 6:44 PM UTC · MarketScreener

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Contents

Page

Corporate information

Results at a glance

Statement of directors' responsibilities

Statement of directors' certification

Statement of securities trading policy

Statement of free trade rules status

Statement of profit or loss and other comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cashflows

Notes to the financial statements

13-49

Statement of value added

Directors:	Dr. Mike Adenuga (Jr), GCON	- Chairman
	Mr. Ike Oraekwuotu	- Acting CEO
	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
	https://www.conoilplc.com
Auditors:	Nexia Agbo Abel & Co
	43 Anthony Enahoro Street
	Utako
	FCT Abuja.
	https://www.nexianigeria.com
Registrars:	Meristem Registrars Limited
	213 Herbert Macaulay Way
	Adekunle
	Yaba Lagos
	https://www.meristemregistrars.com
Principal Bankers:	First Bank of Nigeria Limited
	Guaranty Trust Bank Plc
	Sterling Bank Plc
	United Bank for Africa Plc

	June	June
	2025	2024	%
	N'000	N'000	Change
Revenue	143,647,184	180,573,680	(20.4)
Profit before taxation	1,147,029	10,218,816	(88.8)
Taxation	(246,611)	(2,197,046)	(88.8)
Profit for the period	900,418	8,021,771	(88.8)
Retained earnings	36,218,948	36,995,598	(2.1)
Share capital	346,976	346,976	-
Shareholders' funds	40,390,693	41,167,343	(1.9)
Per share data
Earnings per share (kobo)	130	1,156	(88.8)
Dividend per share (kobo)	-	-	-
Net assets per share (kobo)	5,820	5,932	(1.9)

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 period ended 30 June, 2025 were approved by the Directors

on 29 July, 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

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 period ended 30 June 2025 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

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

SHAREHOLDING STRUCTURE/FREE FLOAT STATUS

Description	30-Jun-25		30-Jun-24
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	693,952,117.00	100	693,952,117.00	100
Substantial Shareholdings (5% and above)
Conpetro Limited	516,298,603.00	74.40	516,298,603.00	74.40
Total Substantial Shareholdings	516,298,603.00	74.40	516,298,603.00	74.40
Directors Shareholdings (Direct &
Indirect), Excluding Directors with
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 30 June 2025, is compliant with The Exchange's Free Float requirements for the companies listed on the Main Board.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2025 Note

Revenue 5

Cost of sales 6

Gross profit

Other operating income 7

Other gains or losses 8

Distribution expenses 9

Administrative expenses 10

Finance cost 11

Profit before tax 12

Income tax expense 13

Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income Earnings per share

Basic earnings per share (kobo) 14

Diluted earnings per share (kobo) 14

Apr-Jun Apr-Jun Jan-Jun Jan-Jun

2025	2024
N'000	N'000
64,389,890	89,634,298
(58,344,253)	(81,388,069)
6,045,637	8,246,229
-	-
-	-
-	-
(1,049,785)	(766,795)
(1,749,093)	(1,553,164)
(2,471,773)	(1,240,724)
774,986	4,685,546
(166,622)	(1,007,393)
608,364	3,678,153
net taxes	-
608,364	3,678,153
130	530
130	530

2025

N'000

143,647,184

(132,284,069)

11,363,115

-(2,241,967)

(3,212,428)

(4,761,692)

1,147,029

(246,611)

900,418

130

2024 N'000

180,573,680

(163,046,400)

17,527,279

-(1,882,634)

(3,203,121)

(2,222,708)

10,218,816

(2,197,046)

8,021,771

1,156

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

STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

Assets	Note	2025 N'000
Non-current assets
Property, plant and equipment	15	3,373,402	3,973,401
Intangible assets	16	10	10
Investment property	17	10	10
Other financial assets	18	10	10
Prepayments	19	104,200	123,563
Deferred tax assets	13	2,380,282	2,380,282
Total non-current assets		5,857,914	6,477,276
Current assets
Inventories	20	14,484,318	29,254,935
Trade and other receivables	21	89,009,022	71,898,060
Prepayments	19	357,160	56,978
Cash and bank balances	22	7,854,898	7,264,201
Total current assets		111,705,398	108,474,174
Total assets		117,563,312	114,951,450
Equity and liabilities
Equity
Share capital	23	346,976	346,976
Share premium	23	3,824,769	3,824,769
Retained earnings	24	36,218,948	35,318,531
Total equity		40,390,693	39,490,276
Non - Current liabilities
Distributors' deposits	27	492,099	492,099
Deferred tax liabilities	13	533,406	533,406
Decommissioning liability	28	116,960	116,960
Total non-current liabilities		1,142,465	1,142,465
Current liabilities
Borrowings	25	21,458,279	28,675,018
Trade and other payables	26	50,262,484	40,574,465
Current tax payable	13	4,309,391	5,069,226
Total current liabilities		76,030,154	74,318,709
Total liabilities		77,172,619	75,461,174
Total equity and liabilities		117,563,312	114,951,450

June December 2024 N'000

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

Mr. Salam Ismail Ajani Dr. M. Ebietsuwa Omats Mr. Ike Oraekwuotu

Finance Director Director Acting CEO FRC/2018/ICAN/00000018798 FRC/2013/COMEG/0000FRC/2016/NIM/00000015427

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

STATEMENT OF CHANGES IN EQUITY AS AT JUNE 30, 2025

	Share capital	Share premium	Retained earnings	Total equity
	N'000	N'000	N'000	N'000
Balance at 1 January 2024	346,976	3,824,769	28,973,828	33,145,573
Profit for the period	-	-	8,021,771	8,021,771
Other comprehensive income (net of tax)	-	-	-	-
Total comprehensive income	-	-	8,021,771	8,021,771
Dividends to shareholders	-	-	-	-

Balance at 30 June 2024	346,976	3824769	36,995,599	41,167,344
Balance at 1 January 2025	346,976	3,824,769	35,318,531	39,490,276
Profit for the period	-	-	900,418	900,418
Prior year adjustments	-	-	-	-
Other comprehensive income (net of tax)	-	-	-	-
Total comprehensive income	-	-	900,418	900,418
Dividends to shareholders	-	-	-	-
Balance at 30 June 2025	346,976	3,824,769	36,218,949	40,390,694

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

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2025 June December

Note Profit before tax Adjustments to reconcile profit before tax to net cash provided: Interest from bank deposits 7		2025 N'000 1,147,029 -	2024 N'000 11,004,039 (9,882)
Interest on bank overdraft	11	4,761,692	3,945,834
Accretion expense	11	-	7,912
Depreciation of property, plant and equipment	15	600,000	743,778
Amortisation of intangible assets	16	-	-
Depreciation of investment property	17	-	-
Withholding tax credit	13	-	-
Changes in working capital:
(Increase)/decrease in inventories		14,770,617	(12,715,172)
(Increase)/decrease in trade and other receivables		(17,391,784)	(6,242,761)
(Decrease) in trade and other payables		10,049,501	14,247,466
(Increase) in distributors' deposits		-	6,000
Cash generated/(used) in operations		13,937,055	10,987,215
Tax paid		(1,006,447)	(1,793,054)
Value added tax paid		(361,482)	(398,011)
Net cash generated/(used) in operating activities		12,569,126	8,796,150
Cashflows from investing activities
Purchase of property, plant and equipment	15	-	(3,155,106)
Purchase of intangible assets	16	-	-
Interest received	7	-	9,882
Net cash used in investing activities		-	(3,145,224)
Cashflows from financing activities
Interest paid	11	(4,761,692)	(3,953,746)
Dividends paid	24	-	(2,428,832)
Net cash used in financing activities		(4,761,692)	(6,382,578)
Net (decrease)/increase in cash and cash equivalents		7,807,434	(731,652)
Cash and cash equivalents at 1 January		(21,410,817)	(20,679,165)
Cash and cash equivalents at 30 June/31 December	22	(13,603,382)	(21,410,817)

(13,603,381)

Net negative cash and cash equivalent position arose basically as a result of the need to invest more in inventory stock and drive sales through credit sales during the year.

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

The Company
Conoil Plc ("The Company") was incorporated in 1960. The Company's authorised share capital is 700,000,000 ordinary shares of 50k each.
The Company was established to engage in the marketing of refined petroleum products and the manufacturing and marketing of lubricants, household and industrial chemicals.
1. Composition of Financial Statements
  The financial statements are drawn up in Nigerian Naira, the financial currency of Conoil Plc, in accordance with IFRS accounting presentation. The financial statements comprise:
  - Statement of profit or loss and other comprehensive income
  - Statement of financial position
  - Statement of changes in equity
  - Statement of cash flows
  - Notes to the financial statements
    Additional information provided by the management includes:
  - Value added statement
  - Five-year financial summary
2. Financial period
  These financial statements cover the financial year from 1 January 2025 to 30 June 2025 with comparative figures for the financial year from 1 January 2024 to 30 June/31 December 2024.
Adoption of new and revised International Financial Reporting Standards (IFRS) and Interpretations by the International Financial Reporting Interpretations Committee (IFRIC)
1. Accounting standards and interpretations issued and effective
  The following revisions to accounting standards and pronouncements were issued and effective at the reporting period.
  Effective for the financial year commencing 1 January 2023
  - Property,plant and Equipments: Proceeds before intended use(Amendment to IAS 16)
  - Amendments to IFRS 3: Reference to conceptual framework
  - Onerous Contracts-Cost of Fulfilling a Contract (Amendments to IAS 37)
  - Annual improvements to IFRS standards 2018-2020
2. Accounting standards and interpretations issued but not yet effective

The following revisions to accounting standards and pronouncements that are applicable to the Company were issued but are not yet effective. Where IFRSs and IFRIC interpretations listed below permit early adoption, the Company has elected not to apply them in the preparation of these financial statements.

The full impact of these IFRSs and IFRIC Interpretations is currently being assessed by the company, but none of these pronouncements are expected to result in any material adjustments to the financial

Effective for the financial year commencing 1 January 2024

-Definitions of accounting estimates (Amendment to IAS 8)

-Classification of liabilities as current and Non current (Amendment to IAS 1)

-Disclosures of accounting policies (Amendment to IAS 1 and IFRS practice statement 2)

-Sales and contribution of Asset between an investor and its associate or Joint venture(Amendment to IFRS 10 and IAS 28)

-Amendment to IAS 12 Income Taxes. Deffered tax related to asset and liability arising from a single transaction

- IFRS 17 - Insurance Contracts

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

Accounting standards and interpretations issued and effective
All standards and interpretations will be adopted at their effective date and their implications on the Company are stated below:
Standard Nature of change Required to be implemented for periods beginning on or after
IFRS 17
Insurance Contracts
IFRS 17 was issued in May 2017 as replacement for IFRS 4 Insurance Contracts. It requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of:
- discounted probability-weighted cash flows
- an explicit risk adjustment, and
- a contractual service margin ("CSM") representing the unearned profit of the contract which is recognised as revenue over the coverage period.
1 January 2023
The standard allows a choice between recognising changes in discount rates either in the income statement or directly in other comprehensive income. The choice is likely to reflect how insurers account for their financial assets under IFRS 9.
An optional, simplified premium allocation approach is permitted for the liability for the remaining coverage for short duration contracts, which are often written by non-life insurers.
There is a modification of the general measurement model called the 'variable fee approach' for certain contracts written by life insurers where policyholders share in the returns from underlying items. When applying the variable fee approach the entity's share of the fair value changes of the underlying items is included in the contractual service margin. The results of insurers using this model are therefore likely to be less volatile than under the general model.
The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features. The directors do not anticipate that the application of the Standard in the future will have an impact on this Financial Statements.
1. Accounting standards and interpretations issued and effective (continued) Standard
  Amendments to IAS 12 Income Taxes-Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
  Nature of change Required to be implemented for periods beginning on or after The amendments to IAS 12 Income Taxes require companies to 1 January 2023 recognise deferred tax on transactions that, on initial
  recognition, give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities.
  The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with:
  - right-of-use assets and lease liabilities, and
  - decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets.
  The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of equity, as appropriate.
  IAS 12 did not previously address how to account for the tax effects of on-balance sheet leases and similar transactions and various approaches were considered acceptable. Some entities may have already accounted for such transactions consistent with the new requirements. This entity will not be affected by the amendments.
  1. Accounting standards and interpretations issued and effective (continued) Standard Nature of change Required to be implemented for periods beginning on or after
    Amendments to
    IAS 1 and IFRS
    Practice Statement 2 - Disclosure of Accounting Policies
    The IASB amended IAS 1 to require entities to disclose their 1 January 2023
    material rather than their significant accounting policies. The amendments define what is 'material accounting policy information' and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information.
    To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The company has adopted IAS 1 in the current financial statements.
  2. Accounting standards and interpretations issued but not yet effective
  Standard Nature of change Required to be implemented for periods beginning on or after
  Amendments to IAS 1 - Classification of Liabilities as Current or Non-current Liabilities with Covenants.
  Amendments made to IAS 1 Presentation of Financial Statements in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity's expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant).
  1 January 2024
  Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date. The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include:
  - the carrying amount of the liability
  - information about the covenants, and
  - facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.
  The amendments also clarify what IAS 1 means when it refers to the 'settlement' of a liability. Terms of a liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity's own equity instrument can only be ignored for the purpose of classifying the liability as current or non-current if the entity classifies the option as an equity instrument. However, conversion options that are classified as a liability must be considered when determining the current/non-current classification of a convertible note.
2. Accounting standards and interpretations issued but not yet effective (continued)
Standard Nature of change Required to be implemented for periods beginning on or after
Amendment to
IFRS 16 - Leases on sale and leaseback
In September 2022, the IASB finalised narrow-scope
amendments to the requirements for sale and leaseback transactions in IFRS 16 Leases which explain how an entity accounts for a sale and leaseback after the date of the transaction.
The amendments specify that, in measuring the lease liability subsequent to the sale and leaseback, the seller-lessee determines 'lease payments' and 'revised lease payments' in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use that it retains. This could particularly impact sale and leaseback transactions where the lease payments include variable payments that do not depend on an index or a rate.
1 January 2024
Accounting standards and interpretations issued but not yet effective (continued)

Standard Nature of change Required to be implemented for periods beginning on or after

Amendments to IAS 7 and IFRS 7 -

Supplier finance arrangements

The IASB has issued new disclosure requirements about supplier financing arrangements ('SFAs'), after feedback to an IFRS Interpretations Committee agenda decision highlighted that the information required by IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures falls short of meeting user information needs. The objective of the new disclosures is to provide information about SFAs that enables investors to assess the effects on an entity's liabilities, cash flows and the exposure to liquidity risk. The new disclosures include information about the following:

The terms and conditions of SFAs.

The carrying amounts of financial liabilities that are part of SFAs and the line items in which those liabilities are presented.
The carrying amount of the financial liabilities in (b) for which suppliers have already received payment from the finance providers.
The range of payment due dates for both the financial liabilities that are part of SFAs, and comparable trade payables that are not part of such arrangements.
Non-cash changes in the carrying amounts of financial liabilities in (b).
Access to SFA facilities and concentration of liquidity risk with finance providers.

The IASB has provided transitional relief by not requiring comparative information in the first year, and also not requiring disclosure of specified opening balances. Further, the required disclosures are only applicable for annual periods during the first year of application. Therefore, the earliest that the new disclosures will have to be provided is in annual financial reports for December 2024 year-ends, unless an entity has a financial year of less than 12 months.

1 January 2024

2.2 Accounting standards and interpretations issued but not yet effective (continued) Standard

Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture

Nature of change Required to be implemented for periods beginning on or after

The IASB has made limited scope amendments to IFRS N/A**

10 Consolidated financial statements and IAS 28 Investments in Associates and Joint Ventures.

The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a 'business' (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor's investors in the associate or joint venture. The amendments apply prospectively.

** In December 2015, the IASB decided to defer the application date of this amendment until such time as the IASB has finalised its research project on the equity method. The directors believe that the adoption of this amendments will not have impact on the company's financial statements.

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