[RESULTS] Total Nigeria Second Quarter Profits Gets a Major Lift

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%