Nigerian lube blender Conoil reported a slightly lower gross profit and a 42% drop in sales revenue for its lubricants segment for the full year.
The company’s fourth-quarter gross profit jumped 85% despite a 20% decline in sales.
Fourth-quarter gross profit surged to ₦522.6 million (U.S. $322,000) in the fourth quarter, compared to ₦282.3 million during the same period of 2022. Conoil reported ₦2.2 billion in sales revenue for the period for its lubricants segment, compared to ₦2.7 billion.
For the full year, Conoil’s lubricant segment posted ₦1.2 billion in gross profit, compared to ₦1.3 billion in 2022. The company’s lubricants segment sales revenue dropped to ₦6.4 billion in 2023, compared to ₦11.1 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.