There was no FX loss. No surge in operating costs. Yet, Conoil’s Q1 2025 pre-tax profit collapsed by 93% to just N372 million, its lowest quarterly performance since 2021. The primary culprit appears to be the 48% jump in short-term borrowing, funded through bank overdrafts at an average interest rate of 29.75%, nearly doubling the [...]The post Conoil Q1 2025: Borrowing surge collapses profit, debt now exceeds equity appeared first on Nairametrics.
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