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TotalEnergies Marketing Nigeria Plc, the local unit of France-based oil and gas giant TotalEnergies SE, reported a net profit growth of above seven fold for 2021 as the global oil industry recovers from a record oil crash the previous year, the company’s financials showed on Friday.

The oil driller noted a 67 per cent revenue surge as a core factor that expanded profit and highlighted earnings from petroleum products as well as “lubricants & others” as driving sales.

Following the release of its earnings report in Lagos on Friday, TotalEnergies’ shares climbed 8.61 per cent to N241 per unit, its peak in the past 52 weeks.

In the period under review, profit before income taxation stood at N25 billion, which compares with the N2.9 billion reported in the same period of 2020.

Profit for the year surged by 710.6 per cent to N16.7 billion.

TotalEnergies pay dividend two times a year and is anticipated to announce a final dividend soon, having declared an interim dividend of N4 per share in July.

Until September known as Total Nigeria Plc, the firm took a new name last year just like other multinational subsidiaries under the TotalEnergies Group to emphasise its backing for the increasing worldwide shift to cleaner energy.

Now valued at N207.2 billion, its total assets had stood at N143.6 billion a year earlier.

TanGold continues execution on sustainable business plan – Q1 results

The Company continued its successful execution towards a sustainable business plan in which cash flow from operations funds value creating activities, including exploration and sulphide project development.

“It has been an extremely busy year. In conjunction with our Tanzanian colleagues, contractors, and suppliers, we have successfully moved the Company to a position where we have proven we can execute on a mine plan, build plants, and successfully produce gold to cover operating costs.

“As we continue to expand production in 2022, we will move to a position where value accretive activities including exploration and unlocking the value of the Sulphide Development Project, will be predominantly funded from anticipated positive operating cash flow.

“2022 is setting up to be quite an exciting year, with a lot of activity focused on our goal of making everything “Bigger”: production growth, potential resource expansion through

exploration and unlocking the significant value of the sulphide project by making it much larger than previously disclosed” noted CEO, Stephen Mullowney.

Q1,2022 accomplishments and highlights:

Production Growth: Positive operating cash flow at Buckreef Gold in December 2021 with 533 oz of gold production, after successfully completing construction and substantial commissioning of 360 tpd processing plant. The 1,000+ tpd expansion is on track for calendar Q2/Q3,2022 with two additional ball mills already having arrived in Dar es Salaam

Exploration Upside: Drilling has recommenced at Buckreef Gold with the goal of expanding resources, discovering new resources and converting resources to reserves. To date, a total of six exploration holes (1,716 meters) have been completed, including three holes (758 meters) in the northeast extension of the Buckreef Main Zone. The Company plans to expand the exploration program in 2022, including a focus on the Anfield Zone

Sulphide Development Project Advancement: Advanced the metallurgical study, one of the longest lead items on the Sulphide Development Project, which contains approximately 90% of the Buckreef Gold resource. To date, a total of 19 holes (2,367 meters) have been completed for the metallurgical program. These metallurgical sample holes have been logged and are in preparation for shipment for metallurgical testing in Q2,2022. Exploration drilling will also focus on infill drilling Inferred Mineral Resources, which if successful, has the potential to increase tonnes to the Indicated Mineral Resource category and add, if economic, to the Mineral Reserves.