List of the five gas firms in Nigeria that earned N625 billion in half year 2022

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Nigeria’s leading oil and gas companies earned a whopping sum of N625.075 billion as revenue in the half year of 2022, outpacing their earnings in the corresponding period of 2021 of N444.254 billion.

According to the information contained in the half year financial statements of these companies and compiled by Nairametrics research, the companies’ revenues rose by 40.7% compared to half year 2021.

The revenue growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on energy, power, and food cost, amongst others, caused by the Russia-Ukraine face-off and the inflationary pressure on the household wallets.

This is a list of the five oil and gas firms quoted on the floor of the Nigerian Stock Exchange ranked by revenues in Nigeria based on published financial statements and ranked by percentage growth.

Caverton Offshore Support Group Plc – N13.960 billion

Following financial and operational headwinds in the first half of the year, Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria reported a 22.74% drop in revenue for the first half of the year 2022 to N13.960 billion as against N18.069 billion in 2021.

The company closed its last trading day (Tuesday, August 9, 2022) at N1.09 per share on the Nigerian Stock Exchange (NGX).  The Offshore Support firm began the year with a share price of N1.72 but has since lost 36.6% off that price valuation, ranking it 154th on the NGX in terms of year-to-date performance.


Conoil Plc – N56.248 billion

Conoil Plc also reported a decline of 16.83% in revenue during the half year as the oil and gas firm battled to remain afloat in operational environment amid volatility in the economy. Conoil reported revenue of N56.248 billion during the half year of 2022 as against N67.638 billion representing a drop of 16.83%.

Conoil closed its last trading day on August 9, 2022, at N25.95 per share on the Nigerian Stock Exchange (NGX). It started the year with a share price of N22.00 and has since gained 18% on that price valuation, ranking it 32nd on the NGX in terms of year-to-date performance.


Ardova Plc – 126.650 billion

Ardova Plc posted revenue of N126.650 billion for the first half of the year 2022 from N86.770 billion in 2021, accounting for an increase of 45.96% as the firm also grew revenue rising cost of fuel occasioned by inflation and the Russia-Ukraine war.

Ardova closed its last trading day on August 9, 2022 at N13.00 per share on the Nigerian Stock Exchange (NGX). The company is the 76th most traded stock on the Nigerian Stock Exchange over the past three months (May 10 – Aug 9, 2022).


Total Energy Plc – N209.014 billion

Total Energy Plc leveraged the higher oil prices to gain a 38.12% increase in revenue during the review period. The company recorded a revenue of N209.014 billion in half year 2022 from N151.333 billion in 2021, accounting for an increase of 38.12%.

The growth in revenue reported by Total Energies Marketing Nigeria was driven by higher product prices and demand from consumers in the half year of 2022.

Total closed its last trading day on August 9, 2022, at N234.50 per share on the Nigerian Stock Exchange (NGX). It commenced the year with a share price of N221.90 and has since gained 5.68% on that price valuation, ranking it 48th on the NGX in terms of year-to-date performance.


Seplat Energy Plc – N219.203 billion

Seplat Energy Plc sustained a positive trajectory during the half year ended June 30, 2022, with 82% growth in revenue.  The company reported a revenue of N219.203 billion in its half-year 2022 revenue from N120.444 billion a year ago, taking advantage of the global rise in oil and gas due to the Russian invasion of Ukraine and operational headwinds in the first half of the year.

Seplat closed its last trading day on August 9, 2022 at N1,430.50 per share on the Nigerian Stock Exchange (NGX). The oil firm started the year with a share price of N650.00 and has since gained 120% on that price valuation, ranking it fifth on the NGX in terms of year-to-date performance.

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