₦airaland Forum

TotalEnergies Marketing Nigeria Plc has published its audited financial report for the period ended 31 December 2024, reporting a pre-tax profit of N42.2 billion.

This represents a 140.35% increase compared to the N17.5 billion pre-tax profit recorded in the previous year, driven by a rise in revenue.

The company’s full-year revenue increased from N635.9 billion reported in 2023 to N1.04 trillion, marking a 63.83% rise.

Of this revenue:
—White products, ’ which include sales of Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO), and Aviation Turbine Kerosene (ATK), accounted for N830.4 billion.

—Lubricants and other products contributed the remaining N211.4 billion.

—Sales costs also increased, rising to N926.1 billion, an increase from N554.1 billion.

—Despite this rise in costs, gross profit grew from N81.8 billion to N115.7 billion, reflecting a 41.47% increase.

—Other income rose to N30.8 billion, a significant 610.87% increase from the previous year’s N4.3 billion, largely due to a ‘Writeback of accruals’ amounting to N25 billion.

—On the downside, administrative expenses increased sharply to N64.7 billion, up from the N44.3 billion reported in 2023.

JASONjnr:
I've noticed recently how foreign investors are feeling comfortable doing business in Nigeria....

God bless his excellency!

BrodaBenad:


Same old format

Una no dey tire?

The company’s full-year revenue increased from N635.9 billion reported in 2023 to N1.04 trillion, marking a 63.83% rise.

The company’s full-year revenue increased from N635.9 billion reported in 2023 to N1.04 trillion, marking a 63.83% rise.

JASONjnr:
Haters will never see anything good..... you always criticize with your brsinledd zombie head.....

NothingDoMe:
The value of dollar to Naira at December 2023 was N850. So their income was roughly $750m in 2023.

Now, Dollar to Naira closed at N1700 at the end of 2024 but I'm going to use N1500 just to be nice.

This brings their 2024 income to $680m representing a $70m loss from the previous year of 2023.

Penguin2:
Change that money to dollars and you will see they are probably doing worse than they did in 2015.

Meanwhile the increase is driven by Nigerians’ blood who now have to pay more than double for the energy products that Total is selling

NothingDoMe:
The value of dollar to Naira at December 2023 was N850. So their income was roughly $750m in 2023.

Now, Dollar to Naira closed at N1700 at the end of 2024 but I'm going to use N1500 just to be nice.

This brings their 2024 income to $680m representing a $70m loss from the previous year of 2023.

Acidosis:
Tinubu government will finish you people with manipulations. What they won't tell you is that 635.9 billion in 2023 is bigger than N1.04 trillion in 2024 in dollar value.

Dougad:
The Naira lost 233% of its value over the past years. An increase in revenue by 140% only shows that they didn't even make as much as they did last year.

BrodaBenad:


Same old format

Una no dey tire?

MadamExcellency:
How plausible is this when TotalEnergies don't even have the $5 billion it requires to invest in the Mozambique Gas field and has to result in a lifeline from the US Bank that offered the French company $5 billion fews days ago to stay in business?

TotalEnergies is about to be caught in the web of diplomatic brouhaha between Europe and the US as the latter is contemplating pulling $5 billion given to TotalEnergy for expansion in Africa.

Let's hope it won't get to this.

Asonaijaaso:
They are using the Dollar to Naira exchange rate to confuse the illiterates amongst Nigerians.

If they have made this much profit. They should state dollar profit in 2023 and the dollar profit in 2024.

All the major oil companies around the world had tepid net revenue for 2024. Mobil, Shell, Aramco, Eni, BP

If you buy a pencil for $2 when it was 400 naira thats 800 naira

You now sell it for $1 When it is 1500 Naira. You can either call it a $1 loss or a 700 naira profit.

But we all know Total oil sales is dollar denominated. Why are they reporting profit in Naira

Dont let them keep deceiving you. Let them announce the loss in dollars.

several:
Audit does not work that way.
The company is registered in Nigeria, so the financial account have to be Naira denominated, it is when they are reporting as subsidiary to the parent company that they need to report in Dollars.
So when reporting as a Nigerian company which they are currently doing (because they are registered in Nigeria) they report in Naira. and to arrive at that profit, they must have already accounted for loss in FX which is an allowable expenses.
Thus, TOtalenergies actually make that profit and even if they go on to convert the account to dollar, it will still amount to profit.