Nigerian lubricants blender and marketer Conoil reported a 38% drop in gross profit and flat sales revenue for the quarter ended Sept. 30, compared to the same period last year, with cost of sales increasing 8%.
The company posted a gross profit of 324.5 million naira (U.S. $732,000) for the quarter, falling from ₦523.8 million in the same period of 2021.
Net revenue was ₦2.7 billion, down from ₦2.8 billion in the third quarter of last year.
The segment’s cost of sales was ₦2.5 billion for the third quarter, compared to ₦2.3 billion.
The company sells a variety of products under its lubricants segment, including transportation and industrial lubricants, greases, process oils and bitumen.
Conoil was founded in 1960 to market refined petroleum products and to produce and market lubricants and household and industrial chemicals.