Conoil’s profit trajectory over 14 years tells a story of strong growth and resilience. Profit Before Tax (PBT) climbed from ₦1.15B in 2012 to ₦12.28 billion in 2023, while Profit After Tax (PAT) rose from ₦0.71 billion to ₦9.87 billion over the same period.
Despite fluctuations in effective tax rates, the company consistently expanded its earnings, demonstrating sustained recovery and long-term profitability.
Throughout the challenging period from 2012 to 2020, the company maintained profitability but struggled with both absolute profit levels and tax burdens, with effective tax rates fluctuating between 19% and 46%.
The turning point came in 2021-2022, as PBT doubled from ₦3.83 billion to ₦6.13 billion, while the tax burden stabilised. The breakthrough year of 2023 saw exceptional performance with PBT reaching ₦12.28 billion and PAT at ₦9.87 billion, retaining 80% of pre-tax profits.
While 2024's PBT moderated slightly to ₦11 billion, the company maintained a similar tax rate at 20%, demonstrating sustained profitability well above the volatile early years.
