TotalEnergies to Pay N40 Dividend as Profit More Than Doubles to N27.5bn

TotalEnergies Marketing Nigeria Plc, a major player in Nigeria’s downstream oil and gas sector, reported a 113% jump in profit, closing the 2024 financial year with earnings of N27.5 billion, up from N12.9 billion in 2023.

The surge in net income was largely driven by petrol price adjustments amid Nigeria’s ongoing inflation challenges. This strong financial performance has prompted the company’s board to propose a dividend payout of N13.6 billion, equivalent to N40 per share.

This marks a 60% increase from the N25 per share paid out the previous year. Revenue for the year rose significantly by 64%, climbing from N635.95 billion in 2023 to N1.04 trillion in 2024.

Pre-tax profit also showed robust growth, rising 140% from N17.58 billion in 2023 to N42.26 billion in 2024. Meanwhile, shareholders’ funds expanded by 34%, reaching N75.08 billion, compared to N56.07 billion a year earlier. Share capital remained steady at N169.76 million.

“The Board proposes for approval by shareholders the sum of ₦13.6 billion, representing ₦40.00 per share, be distributed as a full and final dividend for the year 2024, subject to the deduction of appropriate withholding taxes at the time of payment.

In line with our corporate reputation for early disbursement of shareholders’ dividends, we are delighted to confirm to you that if approved at this meeting, your dividends will be paid on the 16th day of May, 2025,” TotalEnergies disclosed in its audited report.