TotalEnergies Marketing Nigeria Plc has recorded an impressive financial performance in 2024, surpassing N1 trillion in revenue for the first time while pre-tax profits soared by 140% to N42.2 billion.
Despite a decline in fourth-quarter pre-tax profits, the company’s full-year (FY) 2024 results show significant growth driven by increased petroleum product sales and operational efficiencies.
Revenue Growth and Profit Surge
•Total revenue for FY 2024 hit N1.04 trillion, a 63.83% increase from N635.9 billion in 2023.
•Pre-tax profit jumped 140.41% to N42.2 billion, up from N17.5 billion in the previous year.
•Operating profit surged 158.69% year-over-year to N62 billion.
•Total assets rose to N536.7 billion, marking a 43.10% increase from FY 2023.
Breakdown of Revenue and Expenses
TotalEnergies’ revenue growth was primarily driven by its petroleum product sales, which contributed 79.7% (N830.4 billion), while the lubricants and others segment accounted for 20.3% (N211.4 billion).
However, rising costs affected profitability:
•Cost of sales climbed 67.14% to N926.1 billion, with 96.8% of this stemming from inventory expenses.
•Selling and distribution expenses soared 120.03%, mainly due to increased transportation costs.
•Administrative expenses rose 45.50% to N64.5 billion, reflecting higher operational spending.
Despite these challenges, the company boosted its gross profit by 41.47% to N115.7 billion, while other income grew by 610.87%, driven largely by the reversal of previous financial provisions.
Financial Strength and Future Outlook
TotalEnergies’ asset base strengthened, with non-current assets growing to N80 billion, and current assets surging to N456.7 billion
