TotalEnergies Marketing Nigeria Plc released its half year 2024 unaudited results for the period ended June 30, 2024, reporting a significant 96.1% year-on-year growth in earnings per share (EPS) to N26.71.
This impressive performance was driven mainly by substantial revenue growth of 86.7% year-on-year, supported by higher product pricing across all business segments.
Despite challenging cost pressures, including foreign exchange devaluation and a highly inflationary environment, TOTAL’s revenue growth was underpinned by increases in product prices, including petrol, diesel, and kerosene.
However, gross margin declined by 311 basis points year-on-year to 11.3% in Q2-24, reflecting increased cost pressures.
Operating expenses expanded by 60.7% year-on-year, leading to a contraction in EBITDA margin to 6.5%. Net finance costs also increased significantly, driven by a surge in finance costs.
Despite these challenges, TOTAL’s profit before tax increased by 94.7% year-on-year to NGN13.73 billion in Q2-24, while profit after tax surged by 96.1% year-on-year to NGN9.07 billion.