TotalEnergies Marketing Nigeria Plc reported revenue of N1.04tn for the financial year ending 31 December 2024, representing a 64 per cent increase from the N635.95bn recorded in 2023.
The company’s revenue growth was driven by increased sales of petroleum products and improved operational efficiency.
This was disclosed in its statement of profit or loss filed on the Nigeria Exchange Limited on Wednesday.
The oil marketing firm also posted a profit after tax of N27.82bn, reflecting a 115 per cent surge from N12.91bn in the previous year. Profit before tax rose even higher, jumping by 140 per cent to N42.27bn from N17.58bn in 2023, indicating stronger earnings from core business operations.
Despite the financial performance, TotalEnergies Nigeria did not declare a dividend for 2024, a shift from the N25 per share dividend paid in 2023. The board of directors, in a resolution reached on 27 January 2025, provided no reason for the decision.
The company’s total assets grew by 43 per cent to N536.80bn in 2024 from N375.12bn in 2023, driven by an increase in inventories, trade receivables, and cash reserves. Non-current assets stood at N80.05bn, up from N58.41bn, reflecting further investments in property, plant, and equipment.
Total liabilities also rose, with current liabilities climbing to N449.73bn from N308.52bn, mainly due to higher trade payables and short-term borrowings. Non-current liabilities increased to N11.66bn from N10.52bn in 2023.
Shareholders’ funds, which represent the net worth of the company, increased by 34 per cent to N75.41bn from N56.08bn in the previous year, reflecting higher retained earnings.
TotalEnergies Nigeria’s earnings per share doubled, rising by 115 per cent to N81.94 from N38.03 in 2023. The company’s stock price on the Nigerian Exchange appreciated significantly, closing at N698 per share in 2024, up 81 per cent from N385 per share in the previous year.
However, with no dividend declared for 2024, the company’s dividend cover dropped to zero from 1.52 times recorded in 2023, raising concerns among investors about future payouts.
The company maintained a stable workforce, with staff strength at 422 in 2024, slightly lower than the 424 employees recorded in 2023. Inventories more than doubled to N152.02bn from N73.91bn, indicating increased stock levels to meet demand.
The PUNCH reported that oil giant TotalEnergies EP said it has achieved more than 94 per cent of local content.