CONOIL : AUDITED FINANCIAL STATEMENT FOR 2021

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

.

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Contents

Page

Corporate information 2

Results at a glance 3

Report of the directors 4

Statement of directors' responsibilities 19

Statement of directors' certification 20

Statement of securities trading policy 21

Statement of free trade rules status 22

Report of the auditors

23 - 25

Report of the audit committee 26

Statement of profit or loss and other comprehensive income 27

Statement of financial position 28

Statement of changes in equity 29

Statement of cashflows 30

Notes to the financial statements 31

Statement of value added 68

Five year financial summary 69

CORPORATE INFORMATIONDirectors:

Dr. Mike Adenuga (Jr), GCON Mr. Kheterpal Hardeep Singh Dr. Moses Ebietsuwa Omatsola Mr. Mike Jituboh

Mr. Ike Oraekwuotu Engr Babatunde Okuyemi Mr. Joshua Ariyo

Mr. Ademola Idowu

Miss Abimbola Michael - Adenuga Mr. Salam Ajani Ismail

• - Chairman

• - Managing Director

• - Director

• - Director

• - Director

• - Director

• - Director

• - Director

• - Executive Director

• - Executive Director

Company Secretary:

RC Number:

Mr. Conrad Eberemu 7288

Registered Office:

Bull Plaza 38/39 Marina Lagoswww.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 Lagoswww.meristemregistrars.com

Bankers:

First Bank of Nigeria Limited Guaranty Trust Bank Plc Sterling Bank Plc

United Bank for Africa Plc

RESULTS AT A GLANCE

2021	2020	%
N'000	N'000	Change
Revenue	126,726,356	117,470,576	7.9
Profit before taxation	3,831,758	2,145,493	78.6
Taxation	(749,068)	(705,308)	6.2
Profit for the year	3,082,690	1,440,185	114.0
Retained earnings	17,617,623	15,348,274	14.8
Share capital	346,976	346,976	-
Shareholders' funds	21,789,368	19,520,019	11.6
Per share data
Earnings per share (kobo)	444	208	114.0
Dividend per share (kobo)	250	150	66.4
Net assets per share (kobo)	3,140	2,813	11.6
Stock exchange quotation at 31 December (naira)	22.0	18.7	17.6
CONOIL PLC
RC: 7288

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2021

The Directors of Conoil Plc are pleased to present their report on the affairs of the Company, together with the audited financial statements and the auditor's report for the year ended 31 December 2021.

1.

Legal status

Conoil Plc (formerly National Oil and Chemical Marketing Plc) was incorporated in 1960 as a private limited liability company - Shell Nigeria Limited. In April 1975, the Federal Government of Nigeria acquired 60% shares of the Company through the Nigerian National Petroleum Corporation (NNPC) and the Company became known as National Oil and Chemical Marketing Company (NOLCHEM). The Company was later converted to a public company and in the year 2000, the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE) bought 40% issued ordinary shares of the Company held by Shell Company of Nigeria (UK) Limited. After the privatization of the Company, Conpetro Limited acquired 60% of the issued shares of the Company. As a result of a rights offering by the Company in 2002, Conpetro Limited now holds 74.4% of the issued capital while members of the Nigerian public hold the remaining 25.6% stake in the Company. The Company's name was formally changed from National Oil and Chemical Marketing Plc to Conoil Plc on the 14th day of January, 2003.

2.

Principal activities

The principal activities of the Company are the marketing of refined petroleum products, manufacturing and marketing of lubricants, household and liquefied petroleum gas for domestic and industrial use.

3.

Results for the year

4.

The following is a summary of the Company's operating results:	2021	2020	%
N'000	N'000	Change
Revenue	126,726,356	117,470,576	7.9
Profit before tax	3,831,758	2,145,493	78.6
Profit after tax	3,082,690	1,440,185	114.0
Proposed dividend	1,734,880	1,040,928	66.7
Share capital	346,976	346,976	-
Shareholders fund	21,789,368	19,520,019	11.6
Dividends

The Directors recommend the payment of a dividend of 250 Kobo per share on the results for year 2021.

5. Changes on the Board of Directors

The names of the Directors that served during the year are as listed on page 2

In the course of the financial year ended December 31, 2021, there were no changes in the Board of Directors of Conoil Plc.

6.

Directors' interest in shares

The Directors who held office during the year, together with their direct and indirect interests in the issued share capital of the Company as recorded in the Register of Directors' Shareholding and/or as notified by the Directors for the purposes of sections 301 and 302 of the Companies and Allied Matters Act, 2020 and the listing requirements of the Nigerian Exchange Group is as follows:

Directors	Total	Total
Direct	Indirect	2021	2020
Number	Number	Number	Number
Dr Mike Adenuga (Jr), GCON *	Nil	103,259,720	103,259,720	103,259,720
Mr. Hardeep Kheterpal (Indian)	Nil	Nil	Nil	Nil
Dr. Moses Ebietsuwa Omatsola	541	Nil	541	541
Engr Babatunde Okuyemi	8,500	Nil	8,500	8,500
Mr Mike Jituboh	Nil	Nil	Nil	Nil
Mr Ike Oraekwuotu	Nil	Nil	Nil	Nil
Miss Abimbola Michael - Adenuga	Nil	Nil	Nil	Nil
Mr. Ismail Salam	Nil	Nil	Nil	Nil
Mr Joshua Ariyo	25,365	Nil	25,365	25,365
Mr Ademola Idowu	15,125	Nil	15,125	-
*Representing Conpetro Limited

There were no material changes to Directors' shareholdings within the year ended 31st December, 2021.

CONOIL PLC RC: 7288