Totalenergies Marketing Nigeria PlcNSENG: TOTAL

Year end financial statement for 2024

Jan 29, 2025 at 6:50 AM UTC · Issued by Totalenergies Marketing Nigeria Plc

TOTALENERGIES MARKETING NIGERIA PLC

UNAUDITED FINANCIAL STATEMENTS

31 DECEMBER 2024

Contents	Page
Results at a glance	1
Statement of financial position	2
Statement of profit or loss and other comprehensive income	3
Statement of changes in equity	4
Statement of cash flows	5
Notes to the financial statements	6

TOTALENERGIES MARKETING NIGERIA PLC

RESULTS AT A GLANCE
FOR THE YEAR ENDED	31 December		31 December
	2024		2023		Change
	₦'000		₦'000	%
Revenue	1,041,904,122	635,951,600	64
Profit before income taxation	42,265,527	17,580,931	140
Profit for the year	27,820,979	12,912,544	115
Total comprehensive income for the year	27,816,041	12,920,891	115
Share capital	169,761	169,761	-
Shareholders' funds	75,405,738	56,077,742	34
Total dividend	-	8,488,046
Final dividend - proposed	-	8,488,046
Dividend declared	8,488,046	7,129,959

	31 December		31 December
	2024		2023		Change
PER SHARE DATA:				%
Based on 339,521,837 ordinary
shares of 50 kobo each:
Earnings per 50 kobo share (Naira) - basic	81.94	38.03	115
Dividend per 50 kobo share (Naira) 1	-	25.00	(100)
Dividend cover (times)	-	1.52	(100)
Stock exchange quotation (Naira)	698.00	385.00	81

Number of staff	422	424	(0)

At the board of directors meeting of 27th January, 2025, no dividend was declared for the year ended 31st December, 2024 (2023: ₦25).

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF FINANCIAL POSITION

AS AT

	Notes
Non-current assets
Property, plant and equipment	16
Right-of-use assets	17 (i)
Intangible assets	15
Trade and other receivables	19.1
Total non-current assets
Current Assets
Inventories	18
Witholding tax receivables	11.2.1
Trade and other receivables	19
Prepayments	20
Cash and cash equivalents	27
Total current assets
Total assets
Equity
Share capital	26
Retained earnings
Total equity
Non-current liabilities
Deferred tax liabilities	11.3
Lease liabilities	22
Employee benefits	12
Total non-current liabilities
Current liabilities
Current tax liabilities	11.2
Loans and borrowings	21
Trade and other payables	24
Deferred income	25
Lease liabilities	22

Total current liabilities

Total liabilities

Total equity and liabilities

31 December		31 December
2024	2023

₦'000		₦'000
61,728,482	43,130,868
8,962,987	7,950,570
132,889	207,391
9,226,334	7,124,287

80,050,692	58,413,116

152,023,837	73,906,481
897,239	1,060,072
210,456,531	152,113,177
2,056,539	1,464,074
91,312,943	88,158,753

456,747,089	316,702,557

536,797,781	375,115,673


169,761	169,761
75,235,977	55,907,981

75,405,738	56,077,742

8,430,552	8,459,307
390,800	469,398
2,838,828	1,586,944

11,660,180	10,515,649

13,899,705	4,781,505
115,700,078	84,540,792
313,667,926	214,105,902
6,061,236	4,610,130
402,918		483,953
449,731,863	308,522,282

461,392,043	319,037,931

536,797,781	375,115,673

These financial statements were approved and authorised for issue by the Board of Directors of the Company on 27th January 2025 and signed on behalf of the Board by:

Seye Samba - Managing Director	Olubunmi Popoola-Mordi - Executive Director
FRC/2021/003/00000024858	FRC/2013/ICSAN/00000002042
Additionally certified by:

Samson Eghwerehe - Head of Finance

FRC/2018/ICAN/00000018952

The accompanying notes form an integral part of these financial statements.

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED
	For the three months ended		For the twelve months ended
	31 December	31 December		31 December	31 December
	2024	2023	2024	2023

Notes	₦'000	₦'000		₦'000	₦'000

Revenue	6	247,999,764	213,375,234	1,041,904,122	635,951,600
Cost of sales	7	(225,945,998)	(187,675,163)	(926,151,298)	(554,131,894)
Gross profit
	22,053,766	25,700,071	115,752,824	81,819,706
Other income	8.1	14,267,148	1,131,214	30,802,810	4,333,092
Other expenses	8.1.2	(4,678,213)	(5,193,232)	(5,231,791)	(11,501,118)
Selling & distribution costs	10.1	(3,173,413)	(2,692,176)	(14,659,816)	(6,662,683)
Administrative expenses	10.2	(19,242,269)	(15,217,389)	(64,563,504)	(44,373,619)
Net impairment (loss)/ write-back on financial assets	30 (iv)	(100,788)	283,347	(83,079)	358,570
Operating profit
	9,126,231	4,011,835	62,017,444	23,973,948
Finance income	9
1,251,011	1,522,970	6,265,958	3,807,580
Finance costs	9	(9,961,734)	(4,574,996)	(26,017,875)	(10,200,597)
Net finance costs
	(8,710,723)	(3,052,026)	(19,751,917)	(6,393,017)
Profit before income taxation
	415,508	959,809	42,265,527	17,580,931
Income taxation	11.1.1	(16,667)	1,132,035	(14,444,548)	(4,668,387)
Profit for the year
	398,841	2,091,844	27,820,979	12,912,544
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial (loss)/ gain on employee benefits during the year	12 (i)	(3,713)	12,458	(3,713)	12,458
Related tax	11.3	(1,225)	(4,111)		(1,225)	(4,111)
Other comprehensive income		(4,938)	8,347	(4,938)	8,347
Total comprehensive income for the year
	393,902	2,100,191	27,816,041	12,920,891
Earnings per share


Basic and diluted earnings per share	14	1.17	6.16	81.94	38.03

The accompaying notes form an integral part of these financial statements.

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF CHANGES IN EQUITY

		for the year ended 31 December 2024
		Share		Retained	Total
		capital		earnings	equity
		₦'000		₦'000	₦'000
	Notes
Balance at 1 January 2024		169,761		55,907,981	56,077,742
Profit for the year		-	27,820,979	27,820,979
Other comprehensive income for the year		-		(4,938)	(4,938)

Total comprehensive income for the year		-	27,816,041	27,816,041
Transactions with owners of the Company:
Contributions and Distributions
Prior year final dividend	13.1	-		(8,488,046)	(8,488,046)
Total transactions with owners of the Company		-		(8,488,046)	(8,488,046)
Balance at 31 December 2024		169,761	75,235,977	75,405,738


		for the year ended 31 December 2023
		Share		Retained	Total
		capital		earnings	equity
		₦'000		₦'000	₦'000
	Notes
Balance as at 1 January 2023		169,761		50,117,049	50,286,810
Profit for the year		-	12,912,544	12,912,544
Other comprehensive income for the year		-	8,347	8,347

Total comprehensive income for the year		-	12,920,891	12,920,891
Transactions with owners of the Company:
Contributions and Distributions
Prior year final dividend	13.1	-		(7,129,959)	(7,129,959)
Total transactions with owners of the Company		-		(7,129,959)	(7,129,959)
Balance at 31 December 2023		169,761	55,907,981	56,077,742

The accompanying notes form an integral part of these financial statements.

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED		31 December		31 December
		2024	2023
	Note	₦'000		₦'000
Profit for the year		27,820,979	12,912,544
Adjustments for:
Depreciation of property, plant and equipment	16	6,678,280	5,838,897
Depreciation of right-of-use asset	17 (i)	2,370,814	2,268,402
Amortisation of intangible assets	15	93,370	78,081
Provision for employee benefits	12 (i)	1,482,392	216,773
Write back of inventory (Net)	18 (a)	519,215	516,277
Gain on disposal of property, plant and equipment	8.1	(1,622)	(241,018)
Net foreign exchange loss	8.2	4,911,331	11,501,118
Net finance costs	9	19,751,917	6,393,017
Income taxation	11.1.1	14,444,548	4,668,387
		78,071,224		44,152,477
Changes in:
- Inventories	18 (a)	(78,636,571)	(15,147,009)
- Trade and other receivables	19.1 (a)	(56,521,701)	(51,206,257)
- Prepayments	20 (a)	(592,465)	(6,497)
- Trade and other payables	24 (a)	71,788,066	26,460,023
- Withholding tax credit notes recovered	11.1.1	-	1,222,432
- Witholding tax credit note utilized	11.2.1	162,833	(75,807)
- Deferred income	25 (a)	1,451,106		1,207,298
Cash generated used in operating activities		15,722,492	6,606,661
Payment for employee benefits	12 (i)	(234,220)	(168,661)
Interest on staff loans	9	473,889	332,414
Interest on lease liabilities	9	(405,647)	(181,942)
Tax paid	11.2	(5,091,494)	(5,460,465)
Payment on back duty taxes	11.2	(32,575)	-
Withholding tax paid	11.2	(232,259)		(1,201,243)
Net cash generated from/(used in) operating activities		10,200,186	(73,236)
Cash flows from investing activities
Additions to right-of-use asset	17 (iii)	(3,383,231)	(2,280,689)
Purchase of property, plant and equipment	16	(25,328,264)	(7,191,456)
Purchase of intangible assets	15	(18,868)	(93,597)
Lease liabilities	23	658,421	634,577
Interest received on deposits for unclaimed dividend	9	145,163	86,951
Interest received on deposits	9	5,646,906	3,388,215
Proceeds from disposal of property, plant and equipment	16.2	53,993		328,813
Net cash used in investing activities		(22,225,880)	(5,127,186)
Cash flows from financing activities
Interest paid on bank overdraft	9	(17,811,871)	(2,300,502)
Interest paid on import loans	9	(5,814,467)	(3,185,808)
Interest paid on other loans	9	(1,985,890)	(4,532,345)
Payment on lease liabilities	23	(818,054)	(415,286)
Additional borrowings	23	133,931,590	175,511,801
Repayment of borrowings	23	(162,318,097)	(240,787,354)
Dividends paid	13.1	(8,110,465)		(11,103,855)
Net cash used in financing activities		(62,927,254)		(86,813,350)
Net decrease in cash and cash equivalents		(74,952,948)	(92,013,772)
Cash and cash equivalents at 1 January		32,004,468	82,724,316
Effect of movement in exchange rates on cash held	8.2	18,561,345		41,293,924
Cash and cash equivalents as at period ended 31 December	27	(24,387,135)	32,004,468

The accompanying notes form an integral part of these financial statements.

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

1 The Company

Legal form:

The Company was incorporated as a private limited liability company in 1956 and was converted to a public company in 1978. The merger of the Company with Elf Oil Nigeria Limited which commenced globally in November 1999 was completed in Nigeria in 2002. With this development, the authorised, issued and fully paid share capital was ₦148,541,000 made up of 297,082,000 ordinary shares of 50k each. In 2003, to mark the completion of its corporate mergers, Total Group worldwide reverted to its former name Total and adopted a new logo with a unifying design to express its corporate ambition.

With the capitalisation of the bonus issue of 42,440,228 ordinary shares of 50k each in March 2004, the authorised share capital became ₦169,760,918 made up of 339,521,837 ordinary shares of 50k each. 61.72% of the Company's ordinary shares were held by Total Societe Anonyme up until 2013 when a restructuring was concluded and Total Raffinage Marketing became the shareholders of 61.72% of Total Nigeria Plc (now TotalEnergies Marketing Nigeria Plc) while the remaining 38.28% are held by some members of the general public. Total Raffinage Marketing is now called TotalEnergies Marketing Services.

In 2021, Total Group worldwide changed its name to TotalEnergies and adopted a new logo, thereby anchoring the transformation into a broad energy business within the Company's identity. Accordingly, the Company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in the same year.

	31 December 2024		31 December 2023
	Number		Holdings		Number	Holdings
	'000	%	'000	%
TotalEnergies Marketing Service	209,560	61.72	209,560	61.72
Other shareholders	129,962		38.28		129,962	38.28
	339,522	100.00	339,522	100.00

No shareholder, except as disclosed above, held more than 5% of the issued share capital of the Company as at 31 December 2024 (2023: nil).

Principal activities

The principal activity of the Company is the blending of lubricants, sales and marketing of refined petroleum products and solar products.

Description of business

TotalEnergies Marketing Nigeria Plc. ("the Company") is a subsidiary of TotalEnergies Marketing Services ("the Parent Company") in France and operates in the petroleum marketing and distribution business in Nigeria. The Company's registered office is situated at:

Plot 1415-E, Adetokunbo Ademola Street Victoria Island

Lagos State

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

2 Basis of preparation

Statement of compliance
These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS, in the manner required by the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023 and the Companies and Allied Matters Act (CAMA), 2020.
Basis of measurement
These financial statements have been prepared on the historical cost basis except otherwise indicated. Defined benefit liability is measured using the projected unit credit method.
Functional and presentation currency
These financial statements are presented in Nigerian Naira (NGN), which is the Company's functional currency. All financial information presented in Nigerian Naira have been rounded to the nearest thousand except otherwise stated.
Financial period
These financial statements cover the financial year from 01 January 2024 to 31 December 2024, with corresponding figures for the financial period from 01 January, 2023 to 31 December, 2023.
Going concern
The directors have undertaken a review of the Company's business activities and have concluded that the Company will still be able to realise its assets and settle its obligations as they fall due and as such these financial statements have been prepared on the basis applicable to a going concern.
Significant events and transactions
Other than events already disclosed in the various notes, there are no other significant events in the period that are required to be disclosed.
Use of estimates and judgments
In preparing these financial statements, the directors have made certain judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised prospectively.
1. Judgement
  Information about judgements made in applying accounting policies that have the most significant effects on amounts recognised in the financial statements are as follows;

Cash held with TotalEnergies Treasury - Note 27
Determining if balances held with Total Treasury meets the criteria for classification as cash and cash equivalents.
Lease term - Note 17 (iv)
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
Asset retirement - Note 17 (iv)
Whether the Company will dismantle and remove its leasehold improvements on underlying asset or restore underlying asset.

Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties at 31 December 2024 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year includes;

Measurement of defined benefit obligation: Key actuarial assumptions
The amount recognised in note 12 of the financial statements as employee benefits - measurement of the Company's employee benefits. This estimate relates to the discount rate, withdrawal, mortality and inflation rate applied in the computation of the Company's liabilities.
Measurement of Expected Credit Loss (ECL) allowance - Note 30(iv)
Information about measurement of trade receivables and contract assets: Key assumptions in determining the weighted-average loss rate.
Measurement of contingencies - Note 28
Recognition of contingencies - key assumptions about likelihood and magnitude of an outflow of resources.
Incremental borrowing rate - Note 23 Estimation of the applicable borrowing rates.

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

3 New standards and interpretations not yet adopted (cont'd)

Amendments to Standards and Interpretations are effective for annual periods beginning after 1 January 2024 and early application is permitted; however, the Company has not applied the amended standards in preparing these financial statements. Those Amendments to Standards and Interpretations which may be relevant to the Company are set out below.

			Effective date
Standard/Interpretation not yet	Date issued by	Periods	Summary of the requirements and assessment of impact
effective as at 31 December 2024	IASB	beginning on or

			after

IFRS 18	Presentation and	April 2024	1 January 2027	The objective of IFRS 18 is to set out requirements for the presentation
	disclosure in			and disclosure of information in general purpose financial statements
	financial			(financial statements) to help ensure they provide relevant information that
	statements			faithfully represents an entity's assets, liabilities, equity, income and
				expenses. [IFRS 18.1]
				IFRS 18 applies to all financial statements that are prepared and presented
				in accordance with International Financial Reporting Standards (IFRSs).
				[IFRS 18.2] Standards for recognising, measuring, and disclosing specific
				transactions are addressed in other Standards and Interpretations. [IFRS
				18.4]
				A complete set of financial statements comprises: [IFRS 18.10]
				-a statement (or statements) of financial performance for the reporting
				period (presented as either a single statement or by presenting a statement
				of profit or loss immediately followed by a separate statement presenting
				comprehensive income beginning with profit and loss);
				-a statement of financial position as at the end of the reporting period;
				-a statement of changes in equity for the reporting period;
				-a statement of cash flows for the reporting period;
				-notes for the reporting period;
				-comparative information in respect of the preceding period as specified by
				the standard;
				-a statement of financial position as at the beginning of the preceding
				period if the entity applies an accounting policy retrospectively, makes a
				retrospective restatement of items in its financial statements or reclassifies
				items in its financial statements (given that this results in material
				information).
				IFRS 18 identifies the statements listed above as "primary financial
				statements" and they all are required to be presented with equal
				prominence. Regards the statements' titles, an entity may use other than
				those stated above.
				IFRS 18 assigns distinct and complementary roles to the primary financial
				statements as well as to the notes: The primary financial statements offer
				structured summaries of an entity's recognized assets, liabilities, equity,
				income, expenses, and cash flows, assisting users in understanding the
				entity's financial status, making comparisons across entities and reporting
				periods, and identifying areas requiring further information. The notes, on
				the other hand, supplement these primary financial statements by providing
				additional, necessary material information to ensure comprehension of line
				items and advance the overall objective of financial reporting.

Amendments to	Lack of	August 2023	1 January 2025	In August 2023, the IASB amended IAS 21 to add requirements to help
IAS 21	Exchangeability			entities to determine whether a currency is exchangeable into another
				currency, and the spot exchange rate to use when it is not. These new
				requirements will apply from 2025, with early application permitted.
				The IASB issued amendments to IAS 21 to help entities:
				- assess exchangeability between two currencies; and
				- determine the spot exchange rate, when exchangeability is lacking
				An entity is impacted by the amendments when it has a transaction or an
				operation in a foreign currency that is not exchangeable into another
				currency at a measurement date for a specified purpose. A currency is
				exchangeable when there is an ability to obtain the other currency (with a
				normal administrative delay), and the transaction would take place through
				a market or exchange mechanism that creates enforceable rights and
				obligations.

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