Among Nigerian blenders, Conoil reported a steep decline in gross profit on lower sales for its lubricants segment, while MRS Oil’s lubricants segment’s gross profit surged by triple digits on a slight increase in sales for the first nine months of this year.
Conoil
Conoil reported gross profit of ₦722.8 million ($892,000) for its lubricants segment for the January-September period, a 26% decline from ₦971.2 million.
Sales revenue for the nine-month period plummeted to ₦4.2 billion, from ₦8.3 billion.
Cost of sales was 52% less at ₦3.5 billion, compared to ₦7.4 billion.
Conoil’s lubricants segment product umbrella includes transportation and industrial lubricants, greases, process oils and bitumen. The company was founded in 1960 to market refined petroleum products and manufacture and market lubricants and household and industrial chemicals.
MRS Oil
Gross profit for MRS Oil’s lubricants segment skyrocketed 242% to ₦417.2 million for its lubricants segment during the January-September period, improving from ₦121.8 million in the same period last year, according to a stock exchange filing by the Lagos-based oil products marketing company.
Lubricant sales revenue rose 4% to ₦3 billion for the nine-month period, compared to ₦2.9 billion.
Cost of sales decreased 6% to ₦2.6 billion.
MRS Oil Nigeria manufactures lubricants and greases at its blending plant and grease plant in Apapa. Products include engine oils for gasoline and diesel engines, greases, automotive gear oil and industrial oils.