TOTAL reported an impressive topline performance in 2021FY, as revenue increased by 66.65%YoY to NGN341.17bn (vs NGN204.72bn in 2020FY), making it the highest turnover recorded in over a decade. This was owing to an improvement in petroleum products sales (liquid fuel) which grew by 62.39%YoY to NGN255.04bn. Similarly, lubricants sales inclusive of other products marketed by the company recorded topline growth of 80.69%YoY to NGN86.13bn (vs NGN47.67bn in 2020FY). Overall, we attribute revenue growth to higher volume sold during the year, supported by an uptick in prices resulting from the rising crude oil prices. In addition to these factors, TOTAL continues to lead the pact in market share, benefitting from its wide retail footprint and parent company advantage. The company has also strengthened its corporate ties, a strategic attempt to steer revenue dependency away from retail sales. Based on 2021FY result, the segment posted an increase in sales by 157.03%YoY, now accounting for c.37% to aggregate sales, thus, pushing retail contribution down to 53% from 70%.
