TotalEnergies Marketing Nigeria Plc, the local unit of France-based oil and gas giant TotalEnergies SE, reported net profit growth of above sevenfold for 2021 as the global oil industry recovers from a record oil crash the previous year, the company’s financials showed on Friday.

The oil driller noted a 67 per cent revenue surge as a core factor that expanded profit and highlighted earnings from petroleum products as well as “lubricants & others” as driving sales.

Following the release of its earnings report in Lagos on Friday, TotalEnergies’ shares climbed 8.61 per cent to N241 per unit, its peak in the past 52 weeks.

In the period under review, profit before income taxation stood at N25 billion, which compares with the N2.9 billion reported in the same period of 2020.

Profit for the year surged by 710.6 per cent to N16.7 billion.

TotalEnergies pay dividend two times a year and is anticipated to announce a final dividend soon, having declared an interim dividend of N4 per share in July.

Until September known as Total Nigeria Plc, the firm took a new name last year just like other multinational subsidiaries under the TotalEnergies Group to emphasise its backing for the increasing worldwide shift to cleaner energy.

Now valued at N207.2 billion, its total assets had stood at N143.6 billion a year earlier.

Source- Premium Times.