Four of the major oil marketing companies in Nigeria saw their combined revenue surge by 46.96 percent last year as fuel demand recovers from the impact of the COVID-19 pandemic.
The companies, namely Conoil Plc, TotalEnergies Marketing Nigeria Plc, MRS Oil Nigeria Plc, and Eterna Plc, grew their total revenue by N198.9bn in 2021 to N622.42bn.
Their financial statements, obtained from the Nigerian Exchange Limited on Wednesday, showed that two of them recorded profit growth, one returned to profitability while the remaining one posted a loss.
TotalEnergies Marketing Nigeria, a subsidiary of a French energy major, TotalEnergies, saw its profit before tax soar by 759 percent to N24.99bn in 2021 from N2.91bn in the previous year. Its revenue increased to N341.17bn from N204.72bn.
TotalEnergies is the only international oil company still operating in the downstream sector of the Nigerian oil and gas industry.
Conoil’s profit before tax surged by 76.6 percent to N3.79bn last year from N2.15bn in 2020, while its revenue rose to N126.69bn from N117.47bn.
MRS Oil Nigeria Plc posted a profit before income tax of N114.75m, compared with a loss before tax of N2.26bn in 2020. Its revenue grew to N71.98bn from N41.98bn.
Eterna Plc reported a loss before tax of N647.93m last year, compared with a profit after tax of N702.46m in 2020. Its revenue, however, rose to N82.58bn from N59.35bn.
The company had in November last year announced that Pre line Limited had completed the acquisition of 794,969,774 ordinary shares of the company, representing 60.98 percent stake, thus making it the largest and majority shareholder in Eterna.
The market size of the major petroleum products in Nigeria is estimated at N3.4tn, based on 2020 total consumption and average prices, according to a recent report by FSDH Capital Limited and the Major Oil Marketers Association of Nigeria.
