TotalEnergies Marketing Nigeria Plc has posted impressive financial results for the year ending December 31, 2024, reporting a significant revenue increase of 64%, reaching N1.04 trillion, up from N635.95 billion in 2023. The strong performance was fueled by heightened petroleum product sales and improved operational efficiency, according to the company’s profit and loss statement filed on the Nigeria Exchange Limited.
The company’s profit after tax surged by 115%, totaling N27.82 billion compared to N12.91 billion in 2023. Profit before tax saw an even larger increase, up by 140% to N42.27 billion, from N17.58 billion the previous year. These robust earnings highlight TotalEnergies Nigeria’s successful expansion and operational strategies.
Despite the positive financial performance, TotalEnergies did not declare a dividend for 2024, reversing the N25 per share dividend paid in 2023. The board, in a resolution passed in late January 2025, did not provide a reason for this change, which raised questions among investors regarding future payouts.
The company’s total assets grew by 43%, reaching N536.80 billion in 2024, driven by an increase in inventories, trade receivables, and cash reserves. Non-current assets, largely reflecting investments in property, plant, and equipment, also rose significantly. However, liabilities increased, with current liabilities rising to N449.73 billion, primarily due to higher trade payables and short-term borrowings.
TotalEnergies’ earnings per share more than doubled to N81.94 from N38.03 in 2023, reflecting the company’s strong earnings. Despite this, the lack of a dividend led to concerns about future shareholder returns, as its dividend cover dropped to zero from 1.52 times in the previous year. The company’s stock price increased by 81%, closing at N698 per share in 2024, signaling investor confidence despite the dividend cut.
Source: punch