TotalEnergies Nigeria, which late June announced a name change from Total Nigeria, has reported a swing from loss to profitability in its half-year net profit position, with more than two-fifth jump in sales accounting for the shift.
The Nigerian unit of the Paris-headquartered oil and gas major TotalEnergies SE posted a loss of N537.188 million in the six months to June last year as the global energy industry trembled from reverberations of the twin calamities of a record oil crash and the pandemic outbreak.
But its half-year earnings report issued Thursday and seen by PREMIUM TIMES showed a resounding comeback to profitability, with net profit at N8.065 billion, helped by steady oil recovery as world economies continue to restart industrial operations and ease lockdown curbs that have tightened their stranglehold on energy demand.
Total sales climbed to N151.333 billion, relative to the N106.705 billion recorded in the same period of last year, while pre-tax profit stood at N11.779 billion. That compares with a N796.920 million loss incurred at half year 2020.
TotalEnergies is nursing the hope of growing its revenue to N66.03 billion this quarter. Its parent company has announced a grand ambition to cut carbon emission by 40 per cent by 2030 and zero twenty years after in fidelity to the global transition to cleaner energy.
Meanwhile, the board of the energy group’s Nigerian unit has declared it would pay shareholders whose names appear on the company’s register of members by August 13 interim dividend payout of N1.358 billion translating to N4 per share.
Investors willing to benefit from the largesse must buy the company’s shares before the said date to qualify for the dividend which will be paid to stockholders on September 13.
Shares in TotalEnergies were quoted at N168 per unit in Lagos on Thursday at 12:30 WAT, recording no movement.
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