Total Nigeria Plc released its 2015 Q2 results reporting a profit before tax of N3 billion only.
- 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|
|Income Statement||%age Change|
|Cost of Sale||(45,448)||(53,492)||-15.0%|
|Profit Before Tax||3,056||625||389.0%|
|Profit after Tax||1,745||223||682.5%|
|Tax as a %age of Profits||42.9%||64.3%||-33.3%|
|Earnings per share (N)||5.1||0.7||682.5%|
|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%|
|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%|