TotalEnergies’ Nigerian downstream unit posts 18% profit dip

TotalEnergies Marketing Nigeria Plc, a fuel marketing company, has reported a profit of N4.16 billion for the second quarter of 2022, down from N5.09 billion in the same period a year earlier.

The downstream subsidiary of TotalEnergies said its revenue rose to N111.41 billion from N84.64 billion in Q2 2021.

But the company’s revenue growth did not keep pace with the increase in its cost of sales and other expenses.