Four Nigerian downstream firms listed on the Nigerian Exchange Group recorded an increase in after-tax profit on 94 per cent growth in their cumulative sales during the nine months of 2024, BusinessDay analysis shows.
The four firms’ after-tax profit stood at ₦45.89 billion in the nine months of 2024, driven by petrol subsidy removal.
While three out of the four firms recorded after-tax profit of ₦22.93 billion only Eterna plc recorded an after-tax loss of -₦4.58 billion.
Subsidy removal enabled the oil firms to set their own prices and make profits – rather than operate in a regulated market where the government sets the price.
Total Energies, Conoil Plc, MRS Oil and Eterna Plc recorded cumulative sales of ₦15.25 trillion in the nine months of 2024 from ₦784.7 billion in the same period of 2024.