TotalEnergies Marketing Nigeria Plc aims to generate N85.97 billion in revenue during the first quarter of 2023.
This is contained in its Q1 2023 earnings forecast published via the Nigerian Exchange (NGX) and seen by Naijaonpoint.
More about projections: The company projects to make 14.990 million naira in gross profit. It will also target pre- and post-tax profits of N4.69 billion and N3.17 billion, respectively.
Also, note that the projected income tax expense for the period is N1.5 billion, even as cost of sales was projected at N70.97 billion for the period.
Latest earnings: TotalEnergies revenue grew 41.0% year-over-year in the third quarter of 2022, tracking performance across all business segments. Revenues from oil products grew 47.9% YoY (76.9% of revenues), while revenues from lubricants and other lines grew 22.1% YoY (26.7% of revenues). .
In quarterly terms, revenues grew 15.1% supported by increases in its General Trade (+35.2% qoq) and Aviation (+30.7% qoq) business segments, despite the 0.7% q/t decrease in the Network segment.
- Net finance cost increased significantly by 505.1% y/y to N1,090 million (Q3-21: N180.73 million), following a whopping 226.2% y/y increase in finance cost, amid of a 25.9% y/y increase in finance income.
- Analysts at Cordros Research noted that “The result of higher financial costs reflects the increase in interest on import loans (N1.95 billion | Q3-21: NGN33.28 million) and interest on other loans (NGN 1.31 billion | Q3- 21: NGN 911.52 million) )”.
- Overall, pre-tax profit was set at Naira 6.05 billion in the period, which translates to a 23.8% year-on-year decline from Naira 7.94 billion in Q3 2020. Expenses Taxes were settled at N2.070 million, while profit after tax registered N3.980 million, reflecting a decrease of 23.3% yoy from N5.320 million registered in the third quarter of 2021.
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