Nigerian lubricants blender and marketer Conoil reported higher gross profit and sales for the fourth quarter of 2021 as well as for all of that year.
Conoil’s lubricants segment posted fourth-quarter gross profit of 289.8 million naira (U.S. $697,000), a 158% improvement from ₦112.1 million in the same period in 2020. For the full year, the segment’s gross profit increased 36% to ₦2.5 billion, up from ₦1.8 billion.
The lubricants segment had sales revenue of ₦3 billion in the quarter, 22% more than the ₦2.5 billion recorded for the same period of 2020. For the full year, the lubricants segment’s sales revenue reached ₦9.7 billion last year, a 23% increase from ₦7.9 billion.
The segment’s cost of sales for the fourth quarter was ₦2.7 billion, up 15% from ₦2.4 billion. For the full year, cost of sales was ₦7.3 billion, 19% more than ₦6.1 billion.
Products sold under Conoil’s lubricants segment include transportation and industrial lubricants, greases, process oils and bitumen.
The company was established in 1960 to engage in the marketing of refined petroleum products and the manufacturing and marketing of lubricants, household and industrial chemicals.