Nigeria’s oil and fuel sector stays outlined by asset-heavy steadiness sheets, reflecting the business’s deep capital necessities and infrastructure investments.
A evaluate of the half-year 2025 financials reveals notable variations in asset composition, effectivity, and leverage among the many prime operators.
Behind each oil barrel produced or litre of petrol bought lies an online of large property (pipelines, rigs, refineries, and terminals).
An evaluation of monetary statements from main listed oil and fuel companies reveals vital variations in whole property and capital effectivity as of H1 2025.
Who holds the most important steadiness sheet in Nigeria’s oil and fuel sector, and what does it say about their efficiency? From upstream giants to downstream distributors.
Beneath are the highest 5 listed oil and fuel corporations by their whole property.
Conoil grew its whole property barely by 2.27% to N117.56 billion in H1 2025, reflecting a rise in commerce receivables from its advertising and marketing operations and money and bank balances.
The corporate’s Return on Property (ROA) of 0.35x is exceptionally robust, exhibiting that for each N1 of property, Conoil generated 35 kobo in web revenue. This underscores its spectacular operational profitability and environment friendly asset use. Equally, an Asset Turnover Ratio of 1.22x signifies excessive effectivity in income era, that means the corporate generated greater than its whole asset worth in gross sales through the interval.
Nevertheless, the Working Revenue to Whole Property ratio of 0.01x suggests skinny working margins, implying that profitability is basically pushed by non-operating features or environment friendly value administration quite than core working revenue.
On the steadiness sheet aspect, the Debt-to-Asset Ratio of 0.18x reveals a conservative capital construction, with solely 18% of property financed by debt. This low leverage displays prudent monetary administration. The Fairness-to-Asset Ratio of 0.34x signifies robust shareholder funding, and the Internet Debt-to-Whole Property Ratio of 0.12x confirms restricted dependence on exterior borrowings — a optimistic sign for solvency and danger profile.
Money era is wholesome, with Money Movement to Whole Property at 0.11x, exhibiting that working money inflows adequately help the corporate’s asset base. In the meantime, the PPE-to-Whole Property ratio of 0.03x highlights its gentle asset mannequin typical of downstream entrepreneurs targeted on distribution and retail quite than manufacturing.
Conoil’s metrics painting a well-run downstream operator with excellent profitability, environment friendly asset utilization, and a conservative debt profile.
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