Four Nigerian downstream firms listed on the Nigerian Exchange Group recorded an increase in after-tax profit on 94 percent growth in their cumulative sales during the nine months of 2024, BusinessDay analysis shows.
The four firms’ after-tax profit stood at N45.89 billion in the nine months of 2024, driven by petrol subsidy removal.
While three out of the four firms recorded after-tax profit of N22.93 billion only Eterna plc recorded an after-tax loss of -N4.58 billion.
Subsidy removal enabled the oil firms to set their own prices and make profits – rather than operate in a regulated market where the government sets the price.
Total Energies, Conoil Plc, MRS Oil and Eterna Plc recorded cumulative sales of N15.25 trillion in the nine months of 2024 from N784.7 billion in the same period of 2024.
Read also: ‘Nigeria’s midstream, downstream sectors need regulatory frameworks to boost growth’
Firm analysis
Total Energies Marketing Nigeria Plc
Total Energies Marketing Nigeria Plc’s after-tax profit grew to N27.4 billion in the nine months of 2024 from N10.8 billion in the same period of 2023.
The firm’s revenue surged to N793.9 billion from N422.6 billion and cost of sales grew similarly to N700.2 billion from N366.5 billion.
Finance cost surged to N16.1 billion from N5.63 billion during the period.
Earnings per share increased to N80.8 per share from N31.9 per share during the period reviewed.
TotalEnergies Marketing Nigeria Plc is a Nigeria-based company, which operates the downstream sector of the oil and gas industry. The principal activity of the Company is the blending of lubricants, sales and marketing of refined petroleum products, and solar products.
Conoil Plc
Conoil Plc after-tax profit grew to N12.12 billion in the nine months of 2024 from N8.69 billion in the same period of 2023.
The firm’s revenue surged to N249.1 billion from N137.9 billion and cost of sales grew similarly to N223.6 billion from N120.7 billion.
Finance cost surged to N2.48 billion from N1.21 billion during the period.
Earnings per share increased to N17.47 per share from N12.52 per share during the period reviewed.
Conoil Plc is a petroleum exploration and production company in Nigeria that extracts, produces and sells crude oil as well as supplies a range of lubricants and household and liquefied petroleum gas for use by the domestic and industrial sectors.
MRS Oil
MRS Oil after-tax profit grew to N6.22 billion in the nine months of 2024 from N3.44 billion in the same period of 2023.
The firm’s revenue surged to N248.7 billion from N100.9 billion and cost of sales grew similarly to N229.9 billion from N89.9 billion.
Finance cost surged to N99.7 million from N94.9 million during the period reviewed.
Earnings per share increased to N18.15 per share from N10.04 per share during the period reviewed.
MRS Oil Nigeria Plc is a Nigerian oil marketing company with headquarters in Lagos. The firm previously traded under the name of Texaco Nigeria Plc. The firm has three business units: sale of petroleum at retail outlets or to industries, sale of aviation fuel and blending of lubricants.
Eterna Plc
Eterna Plc after-tax profit stood at N150.1 million in the nine months of 2024 from an after-tax loss of N4.58 billion in the same period of 2023.
The firm’s revenue surged to N233.8 billion from N123.3 billion and cost of sales grew similarly to N203.6 billion from N109.9 billion.
Finance cost surged to N5.08 billion from N887.6 million during the period reviewed.
Earnings per share increased to N0.12 per share from -N3.51 per share during the period reviewed.
Eterna Plc manufactures and sells a range of lubricants and petroleum products as well as supplies imported fuels for the retail, industrial, agricultural, automotive, marine and energy sectors in Nigeria.
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