Conoil Plc, a leading Nigerian petroleum marketing company controlled by billionaire Mike Adenuga, recorded a profit of $168.4 million at the close of its 2022 fiscal year, positioning the firm for another substantial dividend payout in 2023.

The recently released unaudited financial statements from the petroleum marketing company revealed a remarkable increase in profit, despite the challenging operating conditions.

The company’s profit more than doubled in 2022, reaching a staggering N6.22 billion ($13.51 million), compared to the N3.08 billion ($6.68 million) that reported in 2021.

The substantial growth in the group’s revenue can be attributed to its exceptional performance in the final quarter of 2022, resulting in a profit of over N3.28 billion ($7.12 million), surpassing the entire 2021 profit of N3.08 billion ($6.68 million).

This remarkable achievement showcases the group’s financial stability, strategic planning, and effective execution of its business model, which has resulted in a substantial increase in its earnings. This impressive growth further solidifies the group’s position as a leading player in its industry and its ability to continuously deliver outstanding financial results.

As a result of its resilient financial performance, the group’s retained earnings increased from N17.62 billion ($38.2 million) in 2021 to N22.1 billion ($48 million), while shareholders’ equity expanded from N21.79 billion ($47.3 million) at the end of 2021 to N26.27 billion ($57.05 million).

Conoil is a petroleum marketing firm that sells diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. Additionally, it produces and markets lubricants under the “Quatro” brand name.

Adenuga, the chairman of Conoil and the founder of telecom service provider Globacom, holds a majority (74.4 percent) stake in the oil marketing business.

As of press time on Feb. 1, the group’s shares were trading at N26.5 ($0.0575) per share, bringing Conoil’s market capitalization to a staggering N18.4 billion ($40 million), while Adenuga’s 74.4-percent stake in Conoil is worth N13.7 billion ($29.75 million).