TotalEnergies Marketing Nigeria Plc is targeting to generate N85.97 billion worth of revenue during the first quarter of 2023.
This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX) and seen by Nairametrics.
More on the projections: The company is projecting to rake in N14.99 billion in gross profit. It will also target profits before and after tax of N4.69 billion and N3.17 billion, respectively.
Also, note that the projected income tax expenses for the period is N1.5 billion, even as the cost of sales was projected at N70.97 billion for the period.
Latest earnings: TotalEnergies’ revenue grew by 41.0% year-on-year in Q3-22, following performances across the business segments. Revenue from petroleum products grew by 47.9% y/y (76.9% of revenue), while revenue from lubricants and other lines grew by 22.1% y/y (26.7% of revenue).
On a quarter-on-quarter basis, revenue grew by 15.1% supported by the increases in its General Trade (+35.2% q/q) and Aviation (+30.7% q/q) business segments, despite the 0.7% q/q decline in the Network segment.
- Net finance cost surged significantly by 505.1% y/y to N1.09 billion (Q3-21: N180.73 million), following a whopping 226.2% y/y rise in finance cost, amid a 25.9% y/y increase in finance income.
- Analysts at Cordros Research noted that “the outturn of the higher finance costs reflects the surge in interest on import loans (N1.95 billion | Q3-21: NGN33.28 million) and interest on other loans (N1.31 billion | Q3-21: N911.52 million)”.
- Overall, profit before tax settled at N6.05 billion in the period translating to a 23.8% y/y decline from the N7.94 billion recorded in Q3-21. Tax expenses settled at N2.07 billion, while profit after tax printed N3.98 billion reflecting a 23.3% y/y decline from the N5.32 billion recorded in Q3-21.
