Conoil Plc’s profit has fallen to its weakest level in at least five years, dragged down by surging finance costs and softer fuel sales that continue to squeeze margins across Nigeria’s downstream oil market.
The petroleum marketer posted an 87.9 percent decline in after-tax profit to N1.46 billion for the first nine months of 2025, compared with N12.1 billion a year earlier, according to its unaudited financial statement for the period ended September 30.
Revenue fell 18.2 percent to N203.8 billion, reflecting weaker throughput across major product lines as demand remained subdued, following the commencement of oil refining by Dangote Refinery.