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Home Markets Equities Company Results
Total Nigeria Plc announces change of name

2023 Q2 Results: TotalEnergies beat earnings forecast by 31.3%

Analysts NairametricsbyAnalysts Nairametrics
2 months ago
in Company Results, Equities
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TotalEnergies Marketing reported an 11% increase in earnings per share for the second quarter ended June 2023.

This was contained in its earnings release published on the Nigeria exchange.

Key highlights

  • Revenue grew 25% to N139.3 billion compared to N111.4 billion
  • The revenue growth beat the company estimates of N84.8 billion by over 31.3%
  • Revenue for the first quarter of the year was N135 billion.
  • Cost of sale and operating expenses topped a combined N132 billion higher than the N105 billion reported same period last year.
  • Operating profit during the period was N8.1 billion beating the company estimates of N5.5 billion and topping the prior year’s operating profit of N6.9 billion.
  • Pre-tax profits also grew 14.7% to N7 billion from the N6.1 billion reported a year earlier

Insights: The company beat the second quarter forecast it set for itself by a mile as strong revenue growth outpaced the impact of rising costs.

  • Meanwhile, the company took a hit on net foreign exchange losses, provisioning for N1.5 billion.

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