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TotalEnergies a marketer of petroleum products, booked N52.7 billion in foreign exchange (FX) losses in its Full Year 2023 financials, which was however mitigated by positive FX impact on cash held.
The firm reported gains of N41.29 billion as Foreign exchange impact on cash held, helping to bring down net FX losses to N11.5 billion in the period, according to MoneyCentral’s analysis of its financials.
On the 14th of June the Central Bank of Nigeria (CBN) “floated” the Naira by announcing the removal of all restrictions on foreign exchange rates. This was accompanied by directives which unified the multiple foreign exchange tiers.
While this aimed to bridge the gap between official and parallel markets, the Naira fell by around 40% in the official market by year-end.
TotalEnergies like other marketers did not import PMS in 2023 as NNPC maintained the role of sole importer of PMS and it and other marketers purchased PMS and AGO from NNPC. It closed the year with 525 stations country wide.
Lubricants market share up
The frequent change in the official exchange rate by the CBN negatively impacted TotalEnergies lubricant margins but the Company continued to grow its market share in lubricants rising to 16%.
TotalEnergies also launched several products in 2023, such as the Quartz 9000 Extra Future XT, specially designed for hybrid vehicles and to improve fuel consumption and engine life, TotalEnergies Hiperf Bajaj RE and Bajaj Boxer.
Solar business growth
TotalEnergies Solar and Low Carbon team closed out on great partnerships in 2023 with Mamuda Industries and Rite Foods with a combined capacity of 8MW (Megawatts) solar Hybrid solution. The firm also installed solar solutions in 5 different sites of DHL International.
In its retail business 119 stations were solarised in 2023 as the firm rebranded 356 stations.
Company performance in 2023
TotalEnergies increased its turnover by 32% from N482.47 billion in 2022 to N635.95 billion in FY 2023. However, Profit after tax decreased by 20% from N16.12 Billion to N12.91 Billion.
The Board proposes for approval by shareholders that the sum of N8.49 billion representing N25.00 (Twenty-Five Naira only) per share be distributed as full and final dividend for the year 2023 subject to the deduction of appropriate withholding taxes at the time of payment.
TotalEnergies Marketing Nigeria Plc was incorporated in 1956 and was listed on the Nigerian Exchange Limited in 1979.
Its first petrol station was commissioned at Herbert Macaulay Street, Yaba, Lagos in 1956. Today the firm has over 5-0 service stations, 2 lubricants blending plants, 2 petroleum product depots, 1 bitumen depot, holdings in 5 aviation depots and other facilities spread across the country.
It is the only International Oil Company (IOC) actively present in the downstream sector.
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