TotalEnergies Marketing Nigeria Plc has published its audited financial report for the period ended 31 December 2024, reporting a pre-tax profit of N42.2 billion.

This represents a 140.35% increase compared to the N17.5 billion pre-tax profit recorded in the previous year, driven by a rise in revenue.

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The company’s full-year revenue increased from N635.9 billion reported in 2023 to N1.04 trillion, marking a 63.83% rise.

Of this revenue:
—White products, ’ which include sales of Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO), and Aviation Turbine Kerosene (ATK), accounted for N830.4 billion.

—Lubricants and other products contributed the remaining N211.4 billion.

—Despite this rise in costs, gross profit grew from N81.8 billion to N115.7 billion, reflecting a 41.47% increase.

—Other income rose to N30.8 billion, a significant 610.87% increase from the previous year’s N4.3 billion, largely due to a ‘Writeback of accruals’ amounting to N25 billion.

—On the downside, administrative expenses increased sharply to N64.7 billion, up from the N44.3 billion reported in 2023.