TotalEnergies Marketing Nigeria Plc, the local arm of France-based oil and gas company, TotalEnergies SE, posted a net profit growth which jumped by 711 percent in 2021 as the global oil industry is recovering from a record oil crash the previous year, the company’s financials has shown.
The oil driller noted a 67 per cent revenue surge as a core factor that expanded profit and highlighted earnings from petroleum products as well as “lubricants & others” as driving sales.
Following the release of its earnings report in Lagos on Friday, TotalEnergies’ shares jumped by 8.61 per cent to N241 per unit, its peak in the past 52 weeks.
In the period we are reviewing, profit before income taxation was at N25 billion, compared with the N2.9 billion reported in the same period of 2020.
Profit for the year surged by 710.6 per cent to N16.7 billion.
TotalEnergies pays dividend two times a year and is expected to announce a final dividend soon, since it declared an interim dividend of N4 per share in July last year.
Until September 2021, it was known as Total Nigeria Plc, the firm underwent a new change last year just like other multinational subsidiaries under the TotalEnergies Group to emphasise its backing for the increasing worldwide shift to cleaner energy.
Now valued at N207.2 billion, its total assets had stood at N143.6 billion a year earlier.