Conoil and Eterna sold far more fuel this year, but lubricant sales fell at both
Nine-month results from two listed fuel marketers show revenue up sharply on petrol sales. Conoil's third-quarter profit still fell 73 per cent as borrowing costs rose.
In 30 seconds
- Conoil's revenue rose 37 per cent to ₦280.12 billion in the first nine months of 2026, and pre-tax profit more than tripled to ₦5.98 billion.
- But Conoil's July to September pre-tax profit fell 73 per cent to ₦206.51 million as finance costs nearly doubled.
- Eterna's revenue rose 72 per cent to ₦365.56 billion and its profit after tax jumped to ₦7.34 billion from ₦325.88 million.
- Lubricant sales fell 24 per cent at Conoil and 43 per cent at Eterna.
Two of Nigeria's listed fuel marketers have filed their results for January to September, and they tell a similar story: much more money from fuel, less from engine oil.
Conoil
Conoil's revenue rose to ₦280.12 billion from ₦203.83 billion a year earlier, up 37 per cent. Almost all of it came from petrol and other white products, which brought in ₦274.26 billion. Lubricant sales fell to ₦5.86 billion from ₦7.74 billion.
Pre-tax profit for the nine months more than tripled, to ₦5.98 billion from ₦1.88 billion. Profit after tax was ₦5.31 billion against ₦1.46 billion.
The third quarter was weaker. Between July and September, Conoil made a pre-tax profit of ₦206.51 million, down from ₦774.99 million a year earlier, even though quarterly revenue rose to ₦100.23 billion from ₦64.39 billion. Finance costs in the quarter climbed to ₦4.7 billion from ₦2.47 billion.
Borrowing explains much of that. Conoil's overdraft stood at ₦64.80 billion at the end of September, up from ₦54.90 billion in December. Money owed to the company by customers rose to ₦113.85 billion, while its cash fell to ₦9.09 billion. The figures come from the unaudited results as reported by Nairametrics and Billionaires.Africa, which agree.
Eterna
Eterna's revenue rose 72 per cent to ₦365.56 billion from ₦212.84 billion. Fuel sales almost doubled to ₦339.92 billion. Lubricants fell to ₦18.68 billion from ₦32.53 billion.
Pre-tax profit rose to ₦10.28 billion from ₦1.40 billion, and profit after tax to ₦7.34 billion from ₦325.88 million. The company also issued about 882 million new shares, raising about ₦18.97 billion, which lifted its equity and cut its borrowings to ₦46.75 billion from ₦69.3 billion. CrispNG and NGN Market report the same figures.
Why fuel is up and engine oil is down
The filings, as reported, do not say how much of the rise in fuel revenue came from higher prices and how much from selling more litres. Neither report gives a reason for the fall in lubricant sales.
What it means for you
If you own shares in either company, the nine-month numbers are much better than last year. For drivers, the results are a reminder that marketers earn a thin margin on each litre. Conoil's third quarter shows how quickly rising interest costs can eat that margin. Where your ₦1,360 a litre goes.
Words to know
- Pre-tax profit
- What a company earned before paying tax.
- Finance costs
- Interest paid on loans and overdrafts.
- White products
- Refined fuels such as petrol, diesel and kerosene.
Sources
- Nairametrics: Conoil's pre-tax profit rises 218.9% in nine months of 2026 (3 Nov 2026)
- Billionaires.Africa: Conoil posts jump in nine-month profit (3 Nov 2026)
- CrispNG: Eterna nine-month results (3 Nov 2026)
- NGN Market: Eterna 9M profit jumps to ₦7.34bn (2 Nov 2026)
Spotted an error? Tell us and we will fix it and say so.