UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2024
.
FINANCIAL STATEMENTS | |
FOR THE PERIOD ENDED 30 SEPTEMBER 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 | |||
September | |||
September | |||
2024 | 2023 | % | |
N'000 | N'000 | Change | |
Revenue | 249,130,924 | 137,888,456 | 80.7 |
Profit before taxation | 14,439,767 | 11,053,176 | 30.6 |
Taxation | (3,104,550) | (2,362,440) | 31.4 |
Profit for the period | 11,335,217 | 8,690,736 | 30.4 |
Retained earnings | 40,309,044 | 29,531,206 | 36.5 |
Share capital | 346,976 | 346,976 | - |
Shareholders' funds | 44,480,789 | 33,702,951 | 32.0 |
Per share data | |||
Earnings per share (kobo) | 1,633 | 1,252 | 30.4 |
Dividend per share (kobo) | - | - | - |
Net assets per share (kobo) | 6,410 | 4,857 | 32.0 |
CONOIL PLC | 2024 FINANCIAL STATEMENTS |
RC: 7288 | 4 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE PERIOD ENDED 30 SEPTEMBER 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 period ended 30 September, 2024 were approved by the Directors on October 29, 2024.
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 PERIOD ENDED 30 SEPTEMBER 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 period ended 30 September 2024 that:
- We have reviewed the reports;
- To the best of our knowledge, the report does not contain:
- Any untrue statement of a material fact, or
- 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:
- Are responsible for establishing and maintaining internal controls;
- 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;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.
- 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:
- 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
- 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 PERIOD ENDED 30 SEPTEMBER 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 PERIOD ENDED 30 SEPTEMBER 2024
SHAREHOLDING STRUCTURE/FREE FLOAT STATUS
Description | 30-Sep-24 | 30-Sep-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 30 September | 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 PERIOD ENDED 30 SEPTEMBER 2024
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 for the period
Other comprehensive income for the year net taxes
Total comprehensive income | |
Earnings per share | |
Basic earnings per share (kobo) | 14 |
Diluted earnings per share (kobo) | 14 |
Jul - Sep | Jul - Sep | Jan-Sep | Jan-Sep | |||
2024 | 2023 | 2024 | 2023 | |||
N'000 | N'000 | N'000 | ||||
68,557,244 | 50,744,845 | 249,130,924 | 137,888,456 | |||
(60,741,308) | (45,709,833) | (223,787,708) | (120,650,402) | |||
7,815,936 | 5,035,012 | 25,343,216 | 17,238,054 | |||
- | - | |||||
- | - | - | 94,368 | |||
- | - | - | - | |||
(2,191,753) | (225,697) | (4,074,387) | (1,407,436) | |||
(1,149,846) | (1,095,408) | (4,352,967) | (3,666,703) | |||
(253,386) | (487,495) | (2,476,094) | (1,205,107) | |||
4,220,951 | 3,226,411 | 14,439,767 | 11,053,176 | |||
(907,504) | (790,471) | (3,104,550) | (2,362,440) | |||
3,313,446 | 2,435,940 | 11,335,217 | 8,690,736 | |||
- | - | - | - | |||
3,313,446 | 2,435,940 | 11,335,217 | 8,690,736 | |||
477 | 351 | 1,633 | 1,252 | |||
477 | 351 | 1,633 | 1,252 |
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
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
September | December | ||||
2024 | 2023 | ||||
Assets | Note | N'000 | N'000 | ||
Non-current assets | |||||
Property, plant and equipment | 15 | 2,442,487 | 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 | 4,810,508 | 3,870,383 | |||
Current assets | |||||
Inventories | 20 | 31,080,638 | 16,539,763 | ||
Trade and other receivables | 21 | 49,213,471 | 65,644,958 | ||
Prepayments | 19 | 8,754 | 96,120 | ||
Cash and bank balances | 22 | 11,455,114 | 11,326,753 | ||
Total current assets | 91,757,977 | 93,607,594 | |||
Total assets | 96,568,485 | 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 | 40,309,044 | 28,973,828 | ||
Total equity | 44,480,789 | 33,145,573 | |||
Non - Current liabilities | |||||
Distributors' deposits | 27 | 490,099 | 486,099 | ||
Deferred tax liabilities | 13 | 162,655 | 162,655 | ||
Decommissioning liability | 28 | 109,048 | 109,048 | ||
Total non-current liabilities | 761,802 | 757,802 | |||
Current liabilities | |||||
Borrowings | 25 | 12,272,944 | 32,005,917 | ||
Trade and other payables | 26 | 32,088,792 | 26,732,921 | ||
Current tax payable | 13 | 6,964,158 | 4,835,764 | ||
Total current liabilities | 51,325,894 | 63,574,602 | |||
Total liabilities | 52,087,696 | 64,332,404 | |||
Total equity and liabilities | 96,568,485 | 97,477,977 | |||
These financial statements were approved by the Board of Directors on October 29, 2024 and signed on its behalf by:
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 |
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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