Olufemi Adeyemi 

Total Energies Marketing Nigeria Plc has announced a pre-tax profit of N13.730 billion for the second quarter ending June 30, 2024, marking a remarkable 95% increase compared to the same period last year and exceeding its pre-tax forecast of N6.419 billion for Q2.

Consequently, the pre-tax profit for the first half of 2024 reached N30.571 billion, nearly doubling the company's total pre-tax profit for the entire year of 2023.

The company has also published its unaudited financial position statement for the second quarter, which shows a 93% rise in revenue, increasing from N274.6 billion in the previous half-year to N529.9 billion.

The company's pre-tax profit experienced a significant increase, rising from N13.476 billion in Q2’23 to N30.571 billion in Q2’23, marking a noteworthy growth of 127%. Furthermore, the profit for the period witnessed a substantial surge, climbing from N8.787 billion in Q2’23 to N20.568 billion in Q2’23, representing an impressive rise of 134%.

During the review period, the energy marketer experienced a significant 134 percent increase in its total comprehensive income, recording N20.57 billion compared to the N8.79 billion reported in 2023. Furthermore, the company’s shareholder fund demonstrated a positive growth of approximately 31 percent, moving from N51.94 billion in 2023 to N68.16 billion.

TotalEnergies Marketing Nigeria Plc, formerly known as Total Nigeria Plc, operates as a marketing and services subsidiary of Total SE, a multinational integrated energy products and services company. It offers a wide range of specialized services to utilities, oil and gas producers, agricultural, and industrial clients.

The company is listed on the oil and gas sector, under the petroleum and petroleum products subsector of the Nigerian Exchange Limited (NGX), with 339,521,837 outstanding shares valued at N132.04 billion. Currently, the company's shares trade at N388.9 per share, approaching its 52-week high of N19.5, compared to a 52-week low of N346.5.