Conoil Plc, a major petroleum marketing company listed on the Nigerian Exchange, has reported a sharp decline in earnings for the 2025 financial year in Nigeria.
The company announced on Monday that its profit before tax fell by 77% to 2.53 billion naira, down from 11 billion naira recorded in 2024.
Profit after tax also dropped by about 77% to 2.01 billion naira, reflecting the severe pressure on its overall financial performance.
The downturn was driven by weaker revenue and significantly higher finance costs, according to the company’s unaudited results.
Conoil’s revenue slipped by 6.6% to 301.72 billion naira in 2025 from 323.13 billion naira a year earlier, pointing to slower business activity.
At the same time, finance costs surged by 162.5% to 10.4 billion naira, largely due to higher interest on bank overdrafts.
Company management said rising borrowing costs and wider economic pressures in Nigeria weighed heavily on operations.
Analysts say petroleum marketers are struggling as high interest rates and soft consumer demand squeeze both retail and wholesale margins.
The results come as other Nigerian energy companies have posted mixed performances amid the country’s volatile economic environment.
Conoil said it plans to cut financing costs and expand its retail and partnership networks in 2026 to help restore profitability.