This surge is directly correlated to a 94% rise in aggregate sales. Their combined after-tax profit reached N45.89 billion, primarily driven by the recent removal of fuel subsidies.
Three of these companies collectively reported N22.93 billion in after-tax profits, while Eterna Plc recorded an after-tax loss of -N4.58 billion. The deregulation of fuel pricing enabled these companies to implement independent pricing strategies, resulting in improved profitability.
In the first nine months of 2024, Total Energies, Conoil Plc, MRS Oil, and Eterna Plc reported aggregate sales of N15.25 trillion, a substantial rise from N784.7 billion during the comparable period in the prior year.
Total Energies Marketing Nigeria Plc
TotalEnergies Marketing Nigeria Plc reported a N27.4 billion after-tax profit for the first nine months of 2024, a significant increase from the N10.8 billion reported during the same period in 2023.
Revenue increased substantially to N793.9 billion, compared to N422.6 billion, while the cost of sales also rose to N700.2 billion from N366.5 billion. Finance costs experienced a considerable increase to N16.1 billion, up from N5.63 billion.
Earnings per share rose to N80.8, compared to N31.9 in the prior year. TotalEnergies Marketing Nigeria Plc operates in Nigeria's downstream oil and gas sector, specializing in lubricant blending, refined petroleum product sales and marketing, and solar products.
Conoil Plc
Conoil Plc reports a year-over-year increase in after-tax profit for the first nine months of 2024, reaching N12.12 billion compared to N8.69 billion in the same period of 2023.
Revenue experienced substantial growth, rising to N249.1 billion from N137.9 billion, although the cost of sales also increased proportionally to N223.6 billion from N120.7 billion.
A corresponding increase in finance costs is noted, reaching N2.48 billion versus N1.21 billion in the prior-year period. Earnings per share reflect this positive trend, improving to N17.47 from N12.52.
Conoil Plc's operations within Nigeria's petroleum sector encompass crude oil extraction, production, and sales, in addition to the provision of lubricants and liquefied petroleum gas for both domestic and industrial markets.
MRS Oil
MRS Oil reported a N6.22 billion after-tax profit for the first nine months of 2024, significantly exceeding the N3.44 billion reported for the same period in 2023.
Revenue increased substantially to N248.7 billion from N100.9 billion, while the cost of sales also rose to N229.9 billion from N89.9 billion. Finance costs saw a modest increase to N99.7 million from N94.9 million. Earnings per share improved to N18.15, compared to N10.04 in the prior year.
MRS Oil Nigeria Plc, a Lagos-based oil marketing company formerly known as Texaco Nigeria Plc, operates in three key segments: retail and industrial petroleum sales, aviation fuel sales, and lubricant blending.
Eterna Plc
Eterna Plc reported a N150.1 million after-tax profit for the first nine months of 2024, a substantial improvement compared to the N4.58 billion after-tax loss recorded during the same period in 2023.
Revenue increased significantly to N233.8 billion from N123.3 billion, although the cost of sales also rose to N203.6 billion from N109.9 billion. Finance costs experienced a sharp increase to N5.08 billion, up from N887.6 million.
Earnings per share improved to N0.12, a recovery from the previous year's -N3.51. Eterna Plc manufactures and sells a range of lubricants and petroleum products, and supplies imported fuels to the Nigerian retail, industrial, agricultural, automotive, marine, and energy sectors.