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Total Energies pre-tax profit drop by 48.02% in Q3 2023

Bisola David
Bisola David
TotalEnergies to invest $6bn in Nigeria's Deepwater

Pre-tax earnings at Total Energies Nigeria fell by 48.02% in the third quarter as a result of foreign exchange delays.

According to The Times, Total Energies’ third-quarter 2023 results, pre-tax profits fell by 48.02% on an annual basis to N3.145 billion.

As a result, pre-tax profits for the first nine months of this year were down from N18.783 billion to N16.621 billion.

Higher loan interest rates, OPEX, and net foreign exchange losses are the reasons behind Total’s notable pre-tax profit reduction.

For the third quarter, the company reported net foreign exchange losses of N4.805 billion, for a total net foreign exchange loss of N6.308 billion for the nine months. This is in contrast to the year before, when there were no such losses recorded for the same time frame.

Positively, Total exceeded the 11.98% growth in the cost of sales by achieving a comparatively robust 15.45% growth in revenue. Contributing significantly to the overall 41.92% increase in gross profit was this impressive expansion in revenue.

Key highlights Q3 2023 vs. Q3 2022:

Revenue: N147.974 billion, +15.45% YoY

Cost of sales: N126.889 billion, +11.98% YoY

Gross Profit: N21.085 billion, +41.92% YoY

Other income: N1.230 billion, +34.71%

Net foreign exchange losses: N4.805 billion

Selling and Distribution Cost: N1.781 billion, +146.78% YoY

Administrative expenses N11.229 billion, +35.60% YoY

Operating profit/(loss) N4.497 billion, -37.06% YoY

Finance Income: N1.034 billion, +226.50% YoY

Finance Cost: N2.386 billion, +69.15% YoY

Net Finance cost: N1.352 billion, +23.58% YoY

Profit for the period: N2.033 billion, -48.87% YoY

Earnings per share: N5.99, -48.85% YoY

Cash and cash equivalent N118.982 billion +43.83%.

Total Assets: N426.583 billion, +38.58%


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