BREAKING: Totalenergies Marketing Nigeria declares N27.82bn profit after tax in 2024

Totalenergies Marketing Nigeria Plc on Wednesday declared N27.82 billion profit after tax in its unaudited full year ended December 31, 2024.

This is an increase of 115 per cent from N12.91billion reported in 2023 full financial year. 

The petroleum marketing company listed on the Nigerian Exchange Limited (NGX) also declared N42.27billion profit before tax in 2024, about 140 per cent growth over N17.58billion declared in 2023. 

Key drivers of the company’s growth in profit was revenue that rise to N1.04 trillion in 2024, an increase of 64per cent from N635.95 billion in 2023 and N30.8 billion generated from non-core business income in n2024 from N4.3billion reported in 2023. 

Sales of petroleum products contributed to revenue generation in 2024 amid Federal Government reforms in the oil & gas sector.

Totalenergies Marketing Nigeria ‘s revenue from petroleum products closed 2024 at N830.47billion from N509.31billion in 2023, while lubricant & others revenue moved from N126.6billion in 2023 to N211.44billion in 2024. 

S hareholders of the company had approved the management’s N7.13 billion (N25.00 per ordinary share) dividend payout for its 2023 financial year as against N6.18 billion paid to shareholders in the 2022 financial year.

The Chairman, TotalEnergies Marketing, Jean-Phillipe Torres had explained that the dividend to shareholders was paid despite a challenging year, adding that it is to enable shareholders to get their best value and good return.

“2023 was a very especially difficult and challenging year but we are paying a dividend of N25. The company places a high premium on its esteemed and valued shareholders and therefore ensures good returns on their investments each year.

“We also keep in mind that to continue to offer these returns, the business has to remain profitable,” Torres said.

Speaking on various schemes which have been adopted by some elements to clone and adulterate lubricant products, the chairman said it has become more difficult for the lubricants to be counterfeited with the security measures which the company introduced in 2021.

“Now, we have new cans and the cans of each of our lubricant lines are colour-specific; there are additional security seals on the caps and we have a barcode for each can. All of these undoubtedly provide extensive security for our lubricant.”