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Conoil's profit after tax soared 585% from 2020 to the 2023 peak; profit before tax jumped 471%
  • Profit Before Tax (PBT) surged 471% from ₦2.15 billion (2020) to ₦12.28 billion (2023); Profit After Tax (PAT) jumped 585% to ₦9.87 billion.
  • Both metrics declined ~11% from the 2023 peak but remained well above historical averages.
  • Effective tax rate fell from 38% (2012) to 20% (2024), allowing the company to retain 80% of pre-tax profits.
  • Absolute tax payments increased from an average of ₦1.01 billion (2011-2020) to ₦2.30 billion (2021-2024), reflecting higher profitability.

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