Nigeria

Conoil Profit Falls on Lower Sales

Conoil Profit Falls on Lower Sales

Lube Report EMEA - February 27, 2024

Nigerian lube blender Conoil reported a slightly lower gross profit and a 42% drop in sales revenue for its lubricants s ...

MRS Posts Big Earnings Jump

MRS Posts Big Earnings Jump

Lube Report EMEA - February 20, 2024

Nigerian blender MRS Oil Nigeria Plc reported a 154% jump in gross profit for its lubes segment for the full year, on a ...

Additive

Ardova Delisted After Acquisition by Ignite

Lube Report EMEA - August 22, 2023

Nigerian fuel and lubricant supplier Ardova Plc has been delisted from Nigeria’s biggest stock exchange after an inves ...

MRS Oil Reports Huge Earnings Increase

MRS Oil Reports Huge Earnings Increase

Lube Report EMEA - August 15, 2023

Nigerian blender MRS Oil Nigeria Plc reported a nearly six-fold jump in gross profit and an 18% increase in sales revenu ...

Conoil Earnings Drop Despite Reduced Costs

Conoil Earnings Drop Despite Reduced Costs

Lube Report EMEA - May 30, 2023

Nigerian lubricants blender and marketer Conoil reported a 21% decline in gross profit and 51% less sales revenue for th ...

Profits Down for MRS Oil Nigeria

Profits Down for MRS Oil Nigeria

Lube Report EMEA - April 11, 2023

MRS Oil Nigeria Plc reported that gross profit for its lubricant segment fell 64% in 2022 due to negative impacts of inf ...

Ardova Goes from Loss to Profit

Ardova Goes from Loss to Profit

Lube Report EMEA - February 21, 2023

Touting efforts to advance its lubricants business, Nigerian blender Ardova Plc reported strong rebounds in net profit f ...

Additive

Ardova Chief Wants to Buy Out Minority Owners

Lube Report EMEA - February 14, 2023

The majority owner of Nigerian fuels and lubricant supplier Ardova plc has proposed to buy out other shareholders and to ...

Conoil Profits Take a Dive

Conoil Profits Take a Dive

Lube Report EMEA - January 31, 2023

Nigerian lubricants blender and marketer Conoil reported 63% less gross profit for the fourth quarter of 2022 and a 57% ...

Steep Drop in Profits for Ardova

Steep Drop in Profits for Ardova

Lube Report EMEA - December 6, 2022

Nigerian blender and distributor Ardova Plc reported an 83% drop in net profit and a 10% increase in sales revenue for i ...

Profits Drop for Nigeria’s Conoil

Profits Drop for Nigeria’s Conoil

Lube Report EMEA - November 29, 2022

Nigerian lubricants blender and marketer Conoil reported a 38% drop in gross profit and flat sales revenue for the quart ...

NNPC Buys OVH Downstream Business

NNPC Buys OVH Downstream Business

Lube Report EMEA - October 11, 2022

Nigerian National Petroleum Co. has acquired OVH Energy Marketing, operator of the Oando fuels and lubricants business a ...

Ardova Posts Bigger Loss

Ardova Posts Bigger Loss

Lube Report EMEA - August 23, 2022

Nigerian blender and distributor Ardova Plc’s lubricants and greases segment reported a net loss and a 16% increase in ...

Earnings Decrease for Castrol, Conoil

Earnings Decrease for Castrol, Conoil

Lube Report EMEA - August 9, 2022

BP’s Castrol segment reported a decrease in underlying replacement cost before interest and taxes for the second quart ...

Technology to Battle Substandard Lubes

Technology to Battle Substandard Lubes

Lube Report EMEA - May 3, 2022

Nigeria’s government and industry have worked for years to staunch the flow of substandard lubricants in the country. ...

Conoil Posts Higher Earnings

Conoil Posts Higher Earnings

Lube Report EMEA - March 29, 2022

Nigerian lubricants blender and marketer Conoil reported higher gross profit and sales for the fourth quarter of 2021 as ...

Ardova Loss Gets Bigger

Ardova Loss Gets Bigger

Lube Report EMEA - March 1, 2022

Nigerian blender and distributor Ardova PLC reported an enlarged operating loss and higher sales revenue for its lubrica ...