Nigerian lubricants blender and marketer Conoil reported a 21% decline in gross profit and 51% less sales revenue for the quarter ended March 31, despite a steep decrease in cost of sales.
The company posted 219.8 million naira (U.S. $477,000) in gross profit for its lubricants segment, slipping from ₦278.8 million.
The segment’s sales revenue in the first quarter dropped from ₦2.7 billion to ₦1.4 billion naira.
The company said its lubricant segment’s cost of sales fell 54% to ₦1.1 billion in the first quarter.
Conoil sells various products under its lubricants segment, including transportation and industrial lubricants, greases, process oils and bitumen.
The company was founded in 1960 to market refined petroleum products and to produce and market lubricants and household and industrial chemicals.