Total Nigeria PLC, one of the largest distributor of fuel and lubricants across Nigeria said its gross revenue grew by 38% in the third quarter of the year.
In a disclosure released some few hours ago, Total’s gross revenue grew from NGN220 billion in the third quarter of the year, compared NGN159 billion.
The huge growth in its gross income bolstered its profit before tax to grow by 244% to NGN17 billion compared to last year when it recorded NGN4,9 billion in profit before tax.
The company recorded a 320% growth in its net profit which grew to NGN11,6 billion versus NGN2,7 billion last year.
The company has seen a huge growth in its asset base on a year basis. In Q3, net asset rose to NGN116 billion versus NGN83,6 billion disclosed last year.
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. Accordingly, the Company changed its name from TotalFinaElf Nigeria Plc to Total Nigeria Plc in the same year.
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 while the remaining 38.28% are held by some members of the general public.