TotalEnergies sees 140% surge in FY 2024 pre-tax profit as revenue hits N1 trillion 

This figure reflects a 56.71% decline from the N959.8 million reported in the same quarter the previous year.

However, full-year pre-tax profits increased significantly to N42.2 billion, marking a 140.41% rise from N17.5 billion in FY 2023.

In terms of revenue, the fourth quarter witnessed a 16.23% year-over-year rise, totaling N247.9 billion compared to N213.3 billion in the corresponding quarter of the previous year.

Consequently, the total revenue for FY 2024 reached N1 trillion, reflecting a significant year-over-year increase of 63.83% from the N635.9 billion reported in FY 2023, with a substantial portion of this revenue derived from petroleum product sales.

Key Highlights (2024 vs 2023 FY) 

A cursory view of TotalEnergies’ earnings report reveals that rising sales costs and expenses are eroding the benefits of revenue on pre-tax profit.

For the full-year 2024, total revenue reached N1 trillion, reflecting a significant year-over-year increase of 63.83% from the N635.9 billion reported in FY 2023.

However, the cost of sales climbed by 67.14% year-over-year, reaching N926.1 billion, up from N554.1 billion in FY 2023.

Despite the increase in costs, the company reported a gross profit of N115.7 billion, which is a 41.47% rise from N81.8 billion in FY 2023.

Additionally, ‘other income’ increased significantly, by 610.87% year-over-year to N30.8 billion, largely driven by write-backs of provisions, which comprised 81.2% of this figure.

In terms of operating profit, the company recorded N62 billion, up 158.69% year-over-year from N23.9 billion in FY 2023.

Ultimately, TotalEnergies’ pre-tax profit for FY 2024 soared by 140.41% to N42.2 billion compared to N17.5 billion in FY 2023.

Total assets reached N536.7 billion for FY 2024, reflecting a substantial increase from N375.1 billion in the previous fiscal year.