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TotalEnergies Marketing Nigeria Plc, a major player in Nigeria’s downstream oil and gas sector, has reported a significant 113% year-on-year increase in profit, reaching N27.496 billion in the financial year 2024, according to its audited financial report.
This substantial growth underscores the company’s strong performance and resilience in the face of industry challenges. The impressive profit surge highlights TotalEnergies’ effective strategies and market positioning, solidifying its status as a leading operator in Nigeria’s oil and gas industry.
Details from the company’s earnings scorecard revealed that net income soared sharply due to petrol product price adjustment as Nigeria battles high inflation, reaching N27 billion from N12 billion recorded in 2023.
With its strong performance, TotalEnergies board of directors proposed a dividend payment of N13.6 billion to shareholders for 2024, translating to N40 per share.
This represents a 60 percent increase when compared to the N25 dividend in the previous year. The company’s revenue in 2024 witnessed a 64 percent surge from N635.951 billion in 2023 to N1.04 trillion in 2024.
Its profit before tax grew by 140 percent from N17.580 billion in 2023 to N42.255 billion in 2024. The income rose from N12.920 billion in 2023 to N27.491 billion in 2024, a 113 percent increase.
The share capital remained the same at N169.761 million for 2023 and 2024. The shareholders fund grew by 34 percent from N56.07 billion in 2023 to N75.08 billion in 2024.
“The Board proposes for approval by shareholders the sum of ₦13.6 billion, representing ₦40.00 per share, be distributed as a full and final dividend for the year 2024, subject to the deduction of appropriate withholding taxes at the time of payment.
“In line with our corporate reputation for early disbursement of shareholders’ dividends, we are delighted to confirm to you that if approved at this meeting, your dividends will be paid on the 16th day of May, 2025,” TotalEnergies disclosed in its audited report.
