TotalEnergies Marketing Nigeria Plc, has announced its unaudited financial results for the fourth quarter end December 31, 2024.
Despite a decline in the profit, the company recorded a significant increase in full-year profit, driven by higher fuel prices and revenue growth across its business segments.
The company’s full-year profit after tax increased by 114.2% to N27.82 billion, while earnings per share (EPS) rose by 115.5% to N81.94.
However, profit after tax declined by 80.9% to N398.84 million, due to higher net finance costs.
TOTAL’s revenue grew by 63.8% to N1.04 trillion in 2024, driven by higher fuel prices and growth across its network, general trade, and aviation business segments.
The company’s gross margin declined by 180 basis points to 11.1% in 2024, due to higher costs of sales.
The company’s management did not provide guidance for 2025, but analysts expect the company to continue benefiting from higher fuel prices and revenue growth across its business segments.