Total Energies Nigeria today dropped its unaudited full year 2024 results. 

Revenue went up by 64% from N635 billion in 2023 to N1.04 trillion. 

The company joined the N1 trillion club. This is a select group of companies that have made N1 trillion or more in revenue. They include Dangote Cement and MTN Nigeria. 

About the firm

The Company was incorporated as a private limited liability company in 1956 and was converted to a public company in 1978.

The principal activity of the company is the blending of lubricants, sales and marketing of refined petroleum products and solar products. 

TotalEnergies Marketing Nigeria is a subsidiary of TotalEnergies Marketing Services in France which owns 61.72% of the company.

Revenue split

The two major sources of revenue are the sale of petroleum products and lubricants. 

Revenue from petroleum products grew by 63% from N509 billion in 2023 to N830 billion in 2024. 

Revenue from lubricants grew slightly faster at 66.9%  from N126 billion in 2023 to N211 billion in 2024. 

Profit after tax went up by 115% from N12.9 billion in 2023 to N27.8 billion in 2024. 

Operating margins up year on year 

FY 2024 operating margin was 6%. So for every N100 in revenue made during the period, N6 was operating profit. 

In the previous year, operating margin was 3.7%. For every N100 in revenue made in FY 2023, N3.7 was operating 

Profit margins are up as well 

Net profit margin for FY 2024 was 2.6%. For every N100 in revenue made, N2.6 was profit. In the previous year, net profit margin was 2%. For every N100 in revenue made in FY 2023, N2 was profit. 

Likely dividend 

For FY 2023, the company paid a N25 dividend from the N38.03 in earnings it made. That amounts to a payout ratio of 65.7%. 

In FY 2024, it made N81.94 in earnings per share. If one were to use a conservative estimate of a 50% payout ratio, then FY 2024 dividend could be in the N40 range.