TotalEnergies 2021 profit hit N16.8bn

TotalEnergies Marketing Nigeria Plc has grown its profit after tax from N2.06bn in 2020 to N16.8bn in 2021, representing an unprecedented 712% increase. According to its financial result for the year ended 2021, the company’s turnover increased by 67% from N205bn in 2020 to N341bn in 2021. The profit before tax increased by 754% from […]

TotalEnergies Marketing Nigeria Plc has grown its profit after tax from N2.06bn in 2020 to N16.8bn in 2021, representing an unprecedented 712% increase.

According to its financial result for the year ended 2021, the company’s turnover increased by 67% from N205bn in 2020 to N341bn in 2021. The profit before tax increased by 754% from N2.9bn in 2020 to N24.8bn in 2021.

Shareholders at the 44th Annual General Meeting of the company held in Lagos, also approved the sum of N6.18Bbn representing N18.20 per share as the final dividend for the year 2021, subject to the deduction of appropriate withholding taxes.

The company had earlier distributed the sum of N1.36bn, representing N4.00 per share as interim dividends for the year.

The chairman, Mr Jean-Philipe Torres, who noted that the company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in August 2021, stressed that the company is committed to delivering reliable, affordable, and clean energy to Nigerians.

“We remain steadfast in our commitment to renewable energy, and by the end of 2021, a total of 131 service stations have been solarized, and a further 125 stations are planned for solarization in 2022.

“Over 1.5 million people in Nigeria have benefitted from the sale of 400,000 TotalEnergies solar lamps; we have also deployed several B2B solar hybrid solutions in Nigeria,” he said.

Torres, who identified insecurity, COVID-19, pandemic-induced recession and devaluation of the naira as some of the challenges in the industry, said the company increased its share of the lubricant market to 17% in 2021.