Fuel Marketing Firms’ Nine-month Revenue Rises To N594bn

The total revenue generated by five of the major oil marketing companies in the country jumped by N149.93bn in nine months as fuel demand recovers from the impact of the COVID-19 pandemic.

The companies saw their combined revenue for the nine-month period ended September 30, 2021 rise to N593.9bn from N443.97bn in the same period a year earlier.

The financial statements of the companies, obtained from the Nigerian Exchange Limited on Wednesday, showed that three of them recorded profit growth, one posted a profit decline while the remaining one returned to profitability.

TotalEnergies Marketing Nigeria Plc, a subsidiary of a French energy major, TotalEnergies, saw its revenue soar by 60 per cent to N242.22bn in the period under review from N151.71bn in the same period the previous year.

Its profit before tax surged by 2,061 per cent to N19.72bn from N912.89m.

TotalEnergies is the only international oil company still operating in the downstream sector of the Nigerian oil and gas industry.

MRS Oil Nigeria Plc said its nine-month revenue grew by 66.40 per cent to N53.23bn from N31.99bn last year. The company posted a profit before tax of N40.82m, compared with a loss of N1.07bn in the same period a year before.

Conoil Plc’s revenue rose by 14.6 per cent to N100.98bn from N88.10bn, while its pretax profit jumped by 43.5 per cent to N2.34bn from N1.63bn.

The revenue of Ardova Plc, formerly Forte Oil Plc, increased to N136.10bn from N128.18bn. Its profit before tax, however, fell to N1.94bn from N2.42bn.

In June 2019, Ignite Investments and Commodities Limited became the majority shareholder in Forte Oil after the former majority shareholder, Mr Femi Otedola, divested his full 75 per cent direct and indirect shareholding in the company. The company’s name was changed to Ardova in January 2020.

Ardova announced on Tuesday that it had completed the acquisition of Enyo Retail and Supply Limited, another oil marketing company.

Eterna Plc saw its nine-month revenue rise to N61.37bn this year from N43.99bn in 2020. The company reported a profit before tax of N566.89m, up from N407.18m in the same period of 2020.

Eterna announced early this month that Preline Limited had completed the acquisition of 794,969,774 ordinary shares of the company, representing 60.98 per cent stake, thus making it the largest and majority shareholder in Eterna.