Total Nigeria Plc has formally concluded its change of name to TotalEnergies Marketing Nigeria Plc with the listing of the new name at the Nigerian Exchange (NGX) Limited.
The change of name was in line with the approval obtained from the company’s shareholders at its extra-ordinary general meeting held last month. The company has also received a new certificate of incorporation from the Corporate Affairs Commission (CAC).
The name change was to reflect the diversification of the downstream oil company into other energy sources.
TotalEnergies plans to invest $60 billion in renewable energy projects by 2030 with 10 per cent of the investments in Nigeria.
Executive General Manager, TotalEnergies Plc, Mrs. Bunmi Popoola-Mordi, noted that Total E & P changed its name to TotalEnergies in order to improve its ambition to be a world energy player.
Mordi explained that the change and target at other seven forms of energies were in order to change with the tide of global energy demands and climate change.
She recalled that the company was also part of the Paris Agreement on Climate Change in 2015.
The company, according to her has targeted to be among the first five global renewable energy states.
“By 2030, we want to be one of the top five in the renewable energy states. We have set precise energy target for 2030. It is that we will invest $60billion in renewable projects,” Popoola-Mordi said.
She added that in 2030, the firm will raise its renewable capacity to 100gigawatts capacity.
By 2025, according to her, the company will increase its gas capacity by 12million and electric charging points to 150,000.
“By 2025, we will increase our electric charging points to 150,000. As at last year, we had about 21,000 charging points. Also, 2025, we plan to increase our gas capacity by 12million.
“In 2030, we will grow our renewable capacity to 100gigawats. We will produce 46gigawatts of electricity from biogas as well as producing 5million,” Popoola-Mordi said.
TotalEnergies Marketing Nigeria’s unaudited financial result for the first half 2021 showed impressive growths, leading to major rally in the share price.
The results showed that turnover grew by 41.7 per cent to N151.3 billion in first half 2021. Profit before tax rose from N796.2 million in first half 2020 to N11.7 billion in first half 2021 while profit after tax jumped from N537.1 million to N8.0 billion.
With the results, the board of directors of the company has announced an interim dividend of N4 per share.
Analysts at United Capital subsequently reviewed upward their price target for the stock.
Analysts stated that they considered current market dynamics and fundamentals, where most downstream firms earn just a retailer’s margin and also considered a forward-looking risk premium and with an anticipation of a lower yield environment later in the year, considering the recent downward pressure on interest rates.
“Consequently, we review our year-end target price for Total upwards to N250.4 per share from N170.0 per share, with an upside of 25.6 per cent, from its current price of N199.1 per share,” United Capital stated.