TotalEnergies Marketing reported an 11% rise in earnings per share for the second quarter ended June 2023.
It’s earnings release that was posted on the Nigerian exchange contained this information.
Revenue increased by 25% from N111.4 billion to N139.3 billion and the sales increase exceeded the company’s predictions of N84.8 billion by more than 31.3%.
The first quarter of the year brought about N135 billion in revenue. The cost of sales and operational costs was N132 billion, up from N105 billion reported during the same time last year.
Operating profit for the period was N8.1 billion, exceeding projections from the company of N5.5 billion and N6.9 billion from the previous year.
Additionally, pre-tax profits increased 14.7% to N7 billion from N6.1 billion recorded a year earlier. The company significantly outperformed its own second-quarter prediction because of strong sales growth that surpassed the effects of increased costs.
The corporation also had to make a N1.5 billion provision for net foreign exchange losses.
