Total Nigeria Plc released its 2015 Q2 results reporting a profit before tax of N3 billion only.
Highlights
- In line with economic realities revenues dropped QoQ 13.5% to N51.9 billion (2015 Q1: N60 billion)
- Operating expenses surprisingly dropped 3.1% to N5.5 billion suggesting the company was able to hold up expenses in the second quarter considering the rising cost of doing business
- The company however booked other income of N2.5 billion which it earned from the sale of an asset (notes to the accounts is yet to be sighted)
- This helped boost second quarter pre-tax profits to N3 billion
- Where it not for this sale, pre-tax profits would have dropped by about 20%
- The company also received a considerable amount of cash from its trade debtors. It received N9.1 billion from trade debtors and basically used the cash to pay part of its trade payables.
- It also used part of the cash earned from other income to pay down about N9.8 billion in external loans.
- Cash balance was thus reduced by about N6.8 billion this quarter.
- Find summary of the result below
2015 Q2 vs Q1
TOTAL NIG PLC | 2015 Q2 | 2015 Q1 | |
N’m | N’m | ||
Income Statement | %age Change | ||
Revenue | 51,932 | 60,043 | -13.5% |
Cost of Sale | (45,448) | (53,492) | -15.0% |
Gross Profit | 6,484 | 6,551 | -1.0% |
Operating Expenses | (5,551) | (5,731) | -3.1% |
Operating Profit | 933 | 820 | 13.8% |
Other Income | 2,557 | 89 | 2773.3% |
Finance Cost | (434) | (284) | 52.8% |
Profit Before Tax | 3,056 | 625 | 389.0% |
Taxation | (1,312) | (402) | 226.2% |
Profit after Tax | 1,745 | 223 | 682.5% |
Tax as a %age of Profits | 42.9% | 64.3% | -33.3% |
Indices | |||
Earnings per share (N) | 5.1 | 0.7 | 682.5% |
Outstanding Shares | 340 | 340 | 0.0% |
Debt To Equity | 749.8% | 120.1% | 524.5% |
Gross Profit Margin | 12.5% | 10.9% | 14.4% |
Operating Profit Margin | 1.8% | 1.4% | 31.6% |
Profit Margin | 3.4% | 0.4% | 804.7% |
SGA as a %age of Gross Profit | 85.6% | 87.5% | -2.1% |
Interest as a percentage of Operating Profit | 46.5% | 34.6% | 34.3% |