CONOIL : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30 SEPTEMBER 2023

.

	FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
Contents	Page
Corporate information	3
Results at a glance	4
Statement of directors' responsibilities	5
Statement of directors' certification	6
Statement of securities trading policy	7
Statement of free trade rules status	8
Statement of profit or loss and other comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cashflows	12
Notes to the financial statements	13-49
Statement of value added	50

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	2

CORPORATE INFORMATION

Directors:	Dr. Mike Adenuga (Jr), GCON	-	Chairman
	Mr. Kheterpal Hardeep Singh	-	Managing Director
	Dr. Moses Ebietsuwa Omatsola	-	Director
	Mr. Mike Jituboh	-	Director
	Mr. Ike Oraekwuotu	-	Director
	Engr Babatunde Okuyemi	-	Director
	Mr. Joshua Ariyo	-	Director
	Mr. Ademola Idowu	-	Director
	Miss Abimbola Michael - Adenuga	-	Executive Director
	Mr. Salam Ajani Ismail	-	Executive Director
Company Secretary:	Mr. Conrad Eberemu
RC Number:	7288
Registered Office:	Bull Plaza
	38/39 Marina
	Lagos
	www.conoilplc.com
Auditors:	Nexia Agbo Abel & Co
	43 Anthony Enahoro Street
	Utako
	FCT Abuja.
	www.nexianigeria.com
Registrars:	Meristem Registrars Limited
	213 Herbert Macaulay Way
	Adekunle
	Yaba
	Lagos
	www.meristemregistrars.com
Bankers:	First Bank of Nigeria Limited
	Guaranty Trust Bank Plc
	Sterling Bank Plc
	United Bank for Africa Plc

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	3

		RESULTS AT A GLANCE
		September
	September
	2023	2022	%
	N'000	N'000	Change
Revenue	137,888,456	90,294,830	52.7
Profit before taxation	11,053,176	3,926,450	181.5
Taxation	(2,362,440)	(990,036)	138.6
Profit for the period	8,690,736	2,936,414	196.0
Retained earnings	29,531,206	20,554,037	43.7
Share capital	346,976	346,976	-
Shareholders' funds	33,702,951	24,725,782	36.3
Per share data
Earnings per share (kobo)	1,252	423	196.0
Dividend per share (kobo)	-	-	-
Net assets per share (kobo)	4,857	3,563	36.3

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	4

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

In conformity with the provisions of Section 377 of the Companies and Allied Matters Act 2020, the Directors are responsible for the preparation of the financial statements which give a true and fair view in accordance with International Financial Reporting Standards (IFRSs) and in the manner required by the Companies and Allied Matters Act, 2020. In doing so, they ensure that:

In preparing the financial statements, the Directors are responsible for:

• Proper accounting records are maintained;
• Applicable accounting standards are complied with;
• Suitable accounting policies are adopted and consistently applied;
• Judgments and estimates made are reasonable and prudent;
• He going concern basis is used, unless it is inappropriate to presume that the Company will continue in business; and
  Internal control procedures are instituted which, as far as is reasonably possible, safeguards the assets
• and also prevents and detects fraud and other irregularities.

Going Concern

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

The financial statements of the Company for the period ended 30 September, 2023 were approved by the Directors on 29 October, 2023.

On behalf of the Directors of the Company

Mr. Salam Ismail Ajani		Dr. M. Ebietsuwa Omatsola		Mr. Kheterpal Hardeep Singh
Finance Director		Director	Managing Director
FRC/2018/ICAN/00000018798		FRC/2013/COMEG/00000003735	FRC/2018/NIM/00000018841

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	5

STATEMENT OF DIRECTORS' CERTIFICATION

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

CERTIFICATION IN PURSUANT TO S. 60(2) OF THE INVESTMENT & SECURITIES ACT NO. 29 OF 2007

We, the undersigned, hereby certify the following with regards to the Financial Statements for the period ended 30 September 2023 that:

1. We have reviewed the reports;
2. To the best of our knowledge, the report does not contain:
3. 1. Any untrue statement of a material fact, or
   2. Omit to state a material fact, which would make the statements misleading in the light of the circumstance under which such statement was made.
4. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the periods presented in the reports.
5. We:
6. 1. Are responsible for establishing and maintaining internal controls;
   2. Have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;
   3. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.
   4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.
7. We have disclosed to the Auditors of the Company and Audit Committee:
8. 1. All significant deficiencies in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's Auditors any material weakness in internal controls; and
   2. Any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.
9. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Salam Ismail Ajani		Mr. Kheterpal Hardeep Singh
Finance Director		Managing Director
FRC/2018/ICAN/00000018798		FRC/2018/NIM/00000018841

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	6

STATEMENT OF SECURITIES TRADING POLICY

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

CERTIFICATION IN COMPLIANCE WITH RULE 17.15 DISCLOSURE OF DEALINGS IN ISSUER'S SHARES

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Conoil Plc maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares.

The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement.

Mr. Salam Ismail Ajani		Mr. Kheterpal Hardeep Singh
Finance Director		Managing Director
FRC/2018/ICAN/00000018798		FRC/2018/NIM/00000018841

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	7

STATEMENT OF FREE FLOAT RULES STATUS

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

SHAREHOLDING STRUCTURE/FREE FLOAT STATUS

Description	30-Sep-23	30-Sep-22
	Unit		Percentage	Unit	Percentage
Issued Share Capital	693,952,117.00		100	693,952,117.00	100
Substantial Shareholdings (5% and above)
Conpetro Limited	516,298,603.00		74.40	516,298,603.00	74.40
Total Substantial Shareholdings	516,298,603.00		74.40	516,298,603.00	74.40
Directors Shareholdings (Direct & Indirect),
Excluding Directors with substantial
Interests
Dr. M. E. Omatsola	541.00		0.000001	541	0.000001
Engr. Babatunde Okuyemi	8,500.00		0.000012	8,500	0.000012
Mr. Joshua Ariyo	25,365.00		0.000037	25,365	0.000037
Mr. Ademola Idowu	15,125.00		0.000022	15,125	0.000022
Total Directors Shareholding	49,531.00		0.000071	49,531	0.000071
Other Influential Shareholdings
	Nil		Nil	Nil	Nil
Total Other Influential Shareholdings	Nil		Nil	Nil	Nil
Free Float in Units and Percentage	168,336,550.00		24.26%	168,336,550	24.26%
DECLARATION:
Conoil Plc with a free float percentage of 24.26% as at 30 September 2023, is	compliant with The Exchange's
Free Float requirements for the companies listed on the Main Board.

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	8

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2023

	Jul - Sep	Jul - Sep	Jan-Sep	Jan-Sep
Note	2023	2022	2023	2022
		N'000	N'000	N'000

Revenue	5
Cost of sales	6
Gross profit
Other operating income	7
Other gains or losses	8
Distribution expenses	9
Administrative expenses	10
Finance cost	11
Profit before tax	12
Income tax expense	13

Profit for the period

Other comprehensive income for the year net taxes

Total comprehensive income
Earnings per share
Basic earnings per share (kobo)	14
Diluted earnings per share (kobo)	14

50,744,845	34,046,745	137,888,456	90,294,830
(45,709,833)		(30,272,465)	(120,650,402)		(79,850,936)
5,035,012	3,774,280	17,238,054	10,443,894
-
-	84,046	94,368	145,846
-	-	-	-
(225,697)	(565,391)	(1,407,436)	(1,680,535)
(1,095,408)	(1,349,264)	(3,666,703)	(3,952,829)
(487,495)		(444,742)	(1,205,107)		(1,029,926)
3,226,411	1,498,930	11,053,176	3,926,450
(790,471)		(374,734)	(2,362,440)		(990,036)
2,435,940	1,124,196	8,690,736	2,936,414
-	-	-	-
2,435,940	1,124,196	8,690,736	2,936,414
351		162	1,252		423
351		162	1,252		423
		0			-

The notes on pages 13 to 49 form part of these financial statements.

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	9

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

			September		December
			2023	2022
Assets		Note	N'000		N'000
Non-current assets
Property, plant and equipment	15	846,824	1,409,586
Intangible assets	16	10	10
Investment property	17	12,413	49,650
Other financial assets	18	10	10
Prepayments	19	62,108	25,219
Deferred tax assets	13	2,207,361	2,207,361
Total non-current assets			3,128,726		3,691,836
Current assets
Inventories	20	27,015,188	5,260,146
Trade and other receivables	21	49,772,376	50,979,568
Prepayments	19	103,959	96,120
Cash and bank balances	22	9,491,387	5,881,568
Total current assets			86,382,911		62,217,402
Total assets			89,511,637	65,909,238
Equity and liabilities
Equity
Share capital	23	346,976	346,976
Share premium	23	3,824,769	3,824,769
Retained earnings	24	29,531,206	20,840,469
Total equity			33,702,951		25,012,214
Non - Current liabilities
Distributors' deposits	27	491,099	486,599
Deferred tax liabilities	13	162,944	162,944
Decommissioning liability	28	102,329		102,329
Total non-current liabilities			756,372	751,872
Current liabilities
Borrowings	25	16,255,788	5,705,419
Trade and other payables	26	33,988,375	31,467,097
Current tax payable	13	4,808,151	2,972,636
Total current liabilities			55,052,314		40,145,152
Total liabilities			55,808,686		40,897,024
Total equity and liabilities			89,511,637		65,909,238

These financial statements were approved by the Board of Directors on 29 October, 2023 and signed on its behalf by:

Mr. Salam Ismail Ajani	Dr. M. Ebietsuwa Omatsola	Mr. Kheterpal Hardeep Singh
Finance Director	Director	Managing Director
FRC/2018/ICAN/00000018798	FRC/2013/COMEG/00000003735	FRC/2018/NIM/00000018841
The notes on pages 13 to 49 form part of these financial statements.
CONOIL PLC		2023 FINANCIAL STATEMENTS
RC: 7288		10