Fuel Marketers Quarterly Revenue Increase By N88.94bn

The total revenue reported by five of the major oil marketing companies in the country rose by 55.6 per cent in the second quarter of this year, signaling a gradual recovery from the COVID-19 pandemic amid the challenges facing the downstream sector.

The companies, including Total Nigeria Plc and Conoil Plc, saw their combined revenue for Q2 grow by N88.94bn to N248.9bn from N159.96bn in the same period of 2020.

The financial statements of the major oil marketing companies listed on the Nigerian Exchange Limited also showed that three of them posted profit increase, one posted a loss while the remaining one recorded a profit decline.

Total Nigeria Plc, a subsidiary of a French oil major, Total, saw its revenue rise by 132.14 per cent to N84.64bn in Q2 2021 from N36.46bn in the same period a year earlier.

Its profit before tax increased to N7.43bn from N423.74m in Q2 2020.

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

Conoil’s revenue jumped by 78.92 per cent to N34.55bn in Q2 2021 from N19.31bn in the same period of 2020, while its pretax profit surged by 715.51 per cent to N939.22m from N115.17m.

The revenue of Ardova Plc, formerly Forte Oil Plc, fell slightly to N86.77bn in the period under review from N87.31bn in Q2 2020. Its profit before tax, however, rose to N2.61bn from N1.17bn.

Eterna Plc saw its revenue more than double to N23.60bn from N10.97bn. The company, however, reported a lower pretax profit of N29.28m, compared to N345.99m in Q2 2020.

MRS Oil Nigeria Plc posted revenue of N19.34bn, 227.24 per cent higher than the N5.91bn reported in Q2 2020. The company, however, reported a loss before tax of N227.89m, compared with a profit before tax of N725.99m loss in Q2 2020.