TotalEnergies Marketing Nigeria Plc has published its audited financial report for the period ended 31 December 2024, reporting a pre-tax profit of N42.2 billion.
This represents a 140.35% increase compared to the N17.5 billion pre-tax profit recorded in the previous year, driven by a rise in revenue.
The company’s full-year revenue increased from N635.9 billion reported in 2023 to N1.04 trillion, marking a 63.83% rise.
- Of this revenue, ‘White products, ’ which include sales of Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO), and Aviation Turbine Kerosene (ATK), accounted for N830.4 billion.
- Lubricants and other products contributed the remaining N211.4 billion.
Sales costs also increased, rising to N926.1 billion, an increase from N554.1 billion.
- Despite this rise in costs, gross profit grew from N81.8 billion to N115.7 billion, reflecting a 41.47% increase.
- Other income rose to N30.8 billion, a significant 610.87% increase from the previous year’s N4.3 billion, largely due to a ‘Writeback of accruals’ amounting to N25 billion.
On the downside, administrative expenses increased sharply to N64.7 billion, up from the N44.3 billion reported in 2023.
Despite this, operating profit reached N61.8 billion, compared to N23.9 billion in the prior year.
Total Energies’ board of directors recommended a final dividend of N40.00 per ordinary share of 50 kobo each, an increase from N25.00 in 2023.
Key highlights (2024 vs 2023)
- Revenue: N1.04 trillion, +63.83% YoY
- Cost of sales: N926.1 billion, +67.14% YoY
- Gross profit: N115.7 billion, +41.47% YoY
- Other income: N30.8 billion, +610.78% YoY
- Administrative expenses: N64.7 billion, +45.84% YoY
- Operating profit: N61.8 billion, +158.06% YoY
- Pre-tax: N42.2 billion, +140.35% YoY
- Total Assets: N471.1 billion, +25.59% YoY
- Retained earnings: N74.9 billion, +33.99% YoY
As of the close of trading on April 4, 2025, TotalEnergies Marketing Nigeria Plc’s share price stood at N679.70, representing a year-to-date (YtD) decline of 2.62% compared to its opening price of N698 at the beginning of the year.
This comes after a strong performance in 2024, when the company’s shares recorded an impressive YtD gain of 81.30%.
