New Petrol Prices as Data Shows Nigeria's 4 Most Profitable Oil Companies in 2024
- Nigeria’s four listed oil companies, including Conoil, MRS Oil, Eterna, and TotalEnergies, recorded a massive profit in 2024
- The company’s combined after-tax profit jumped 94%, hitting 45.89 billion in the first nine months of 2024
- Their profits surged due to the petrol subsidy removal by the Nigerian government last year
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Four Nigerian oil companies on the Nigerian Exchange Limited (NGX) recorded a post-tax profit of 94% in their cumulative sales in the first nine months of 2024.
Thanks to the removal of the petrol subsidy, the firms’ post-tax profit stood at N45.89 billion in the nine months under review.
Source: UGC
Oil firms record massive profits
While three of the firms recorded a post-profit tax of N22.93 billion, Eterna Plc recorded a loss of N4.58 billion
According to reports, subsidy removal enabled oil companies to set prices and make profits instead of operating in regulated markets where the government sets prices.
Reports say Conoil, TotalEnergies, MRS Oil, and Eterna recorded a combined sale of N15.5 trillion during the review period, up from N784.7 billion recorded during the same period last year.
Total Energies
The company’s post-tax profit rose to N27.4 billion in the first nine months of 2024 from N10.8 billion in the same period in 2023.
Its revenue skyrocketed to N793.9 billion from N422.6 billion, and sales cost rose to N700.2 billion from N366.5 billion.
The company’s finance cost rose to N16.1 billion from N5.63 billion.
Conoil Plc
The company’s post-tax profit jumped to N12.12 billion in the review period 2024 from N8.69 billion last year.
Its revenue grew to N249.1 billion from N137.9 billion, and sales cost rose to N223.6 billion from N120.7 billion
Conoil’s finance cost hit N2.48 billion from N1.21 billion in the period under review.
Its earnings per share spiked to N17.47 from N12.52 in the review period.
MRS Oil
The oil marketing company's profit jumped by N6.22 billion after tax to N3.44 billion in the first nine months of 2024.
Its revenue skyrocketed to N248.7 billion from N100.9 billion, and sales costs rose to N229.9 billion from N89.9 billion.
It recorded a finance cost of N99.7 million from N94.9 million in the period under review.
Its earnings rose to N18.15 per share from N10.04 during the review period.
Eterna Plc
Eterna recorded an after-tax of N150.1 million in the review period from N4.50 billion in the same period in 2023.
Its revenue increased to N233.8 billion from N123.3 billion, and sales cost rose to N203.6 billion from N109.9 billion.
Eterna’s finance cost hit N5.08 billion from N887.6 million in the period under review.
In the nine months under review, its earnings per share increased to N0.12 from less than -N3.51.
NNPC and oil marketers slash petrol prices
The development follows a recent petrol price reduction by the Nigerian National Petroleum Company Limited (NNPC) and the Major Energy Marketers Association of Nigeria (MEMAN).
The NNPC reduced petrol prices by N20, from N1,064 per litre to N1,040.
Also, MEMAN members have slashed their petrol prices from N1,200 to N1,025 per litre.
NNPC announces another key project, sets completion date
Legit.ng earlier reported that NNPC promised to complete the 53MW MEPP in Borno State next year.
The Minister of State for Petroleum Resources (Oil), Ekperikpo Ekpo, announced this during a visit to the project site.
The NNPC disclosed that the 32MW Simple Cycle phase of the project is already completed.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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