2023: TotalEnergies targets N85b revenue in Q1

Joy Onuorah
Joy Onuorah

TotalEnergies Marketing Nigeria Plc is aiming to generate N85.97 billion in revenue for the first quarter of 2023.

This was stated in its Q1 2023 earnings projection, which was made public via the Nigerian Exchange and viewed by Nairametrics.

Further information on the forecasts, notes that the corporation anticipates making a gross profit of N14.99 billion.

Additionally, N4.69 billion and N3.17 billion in pre-tax and after-tax profits are the goals.

Also, there’s an expected N1.5 billion income tax expense for the period, notwithstanding the N70.97 billion cost of sales estimate for the same time period.

Following strong results throughout the business areas, TotalEnergies’ revenue increased by 41.0% year over year in Q3-22. Petroleum goods accounted for 76.9% of total income, which increased by 47.9% year over year, while lubricants and other lines had a 26.7% increase in sales.

On a quarterly basis, revenue increased by 15.1%, helped by growth in the General Trade (+35.2% q/q) and Aviation (+30.7% q/q) business sectors, despite a fall in the Network segment of 0.7% q/q.

Net finance cost skyrocketed by 505.1% year over year to N1.09 billion (Q3-21: N180.73 million), following a staggering 226.2% year over year increase in finance cost and a 25.9% year over year increase in finance income.

According to analysts at Cordros Research, “the outturn of the higher finance costs reflects the surge in interest on import loans (N1.95 billion | Q3-21: NGN33.28 million) and interest on other loans (N1.31 billion | Q3-21: N911.52 million)”.

Overall, earnings before tax came to N6.05 billion in the quarter, down from N7.94 billion in Q3-21 by 23.8% year over year. Tax costs came to N2.07 billion, while profit after taxes came in at N3.98 billion, a 23.3% year-over-year decrease from the N5.32 billion reported in Q3-21.

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