Conoil Declines by 10% on One-off Sell Order
Nigerian petroleum marketing company, Conoil Plc, market value declined by 10% in the stock market due to sell pressures. The oil company market value fell N331.2 in the equities market as investors exited positions. This caused Conoil Plc market value to reduce to N22.836 billion, spread over its 693,952,117 shares outstanding on the Nigerian Exchange.
Its stock traded steadied until one off transaction that reduced its market value in the last seven trading sessions. Majority of Conoil shares are held in few hands, which explained its low market activities. Shareholdings details review showed that Conpetrol Limited remained its largest owner, accounting for 74.40% interest in Conoil as of Dec, 2024.
In 2024, Conoil revenue increased by more than 60% to N323.172 billion amidst high petrol pump price, from N201.387 billion in the comparable year in 2023.
Its unaudited financial statement revealed that profit for the year increased by 1.5.4% to N11.389 billon from N9.868 billion.Hence, earnings per share was up by 15.4% in 12 months to settle at 1641 kobo, reflecting an improved earnings performance from 1422 kobo in the comparable period.
Conoil Plc with a free float percentage of 24.26% as at 31 December 2024, is compliant with The Exchange’s Free Float requirements for the companies listed on the Main Board. #Conoil Declines by 10% on One-off Sell Order#
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