TotalEnergies grows nine months revenue by 60%

TotalEnergies Marketing Nigeria Plc unaudited condensed interim financial statements for the nine months (9M) ended September 30, 2021 show that its net revenue grew to N 242.224billion from N151.707billion in the same period of 2020, representing an increase by 60percent.

Its gross profit increase by 59.7 percent to N 242.224billion, from a low of N151.707billion in nine months 2020.

Profit before tax increased by 2536.8percent to N19.723billion from N748.3million in 9M’2020; while after tax profit rose to N13.386billion in 9M’2021, from a record low of N500.1million in 9M’2020, representing an increase of 2577.2percent.

Basic Earnings Per Share (EPS) of 39.43kobo in 9M’2021 implies an increase by 2,582.3percent as against 1.47kobo in 9M’2020.

Net finance income and expenses for the nine-month period ended September 30, 2021, amounted to N346.181million as against nine-month period ended September 30, 2020: N2.197 billion, which implies a decrease of 534.9percent.

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As at Friday, October 29, TOTALENERGIES Marketing Nigeria Plc traded at N 220 per share, which implies a positive return year-to-date (YtD) at 9.45percent. TotalEnergies Marketing Nigeria Plc is a subsidiary of TotalEnergies Marketing Services in France and operates in the petroleum marketing and distribution business in Nigeria.

TotalEnergies Nigeria Plc said it is establishing two Compressed Natural Gas (CNG) stations in Abuja and Lagos, which will be functioning in the first half-year of 2022. The managing director, Samba Seye, announced while speaking at the 15th Oil Trading and Logistics (OTL) Africa Petroleum Downstream Expo 2021 last Tuesday in Lagos.

The conference had at its theme, ‘Nigerian Downstream Oil and Gas Sector in Transition: Getting Set.’ Seye said the move was part of TotalEnergies’ commitment to global transition with a target of net-zero carbon emissions by 2050.

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