2023 Q2: Total Energies Plc Reports 14.12% Growth in Pre-Tax Profits

Total Energies Marketing Nigeria Plc reported its 2023 second-quarter results showing pre-tax profits grew by 14.12% year on year, reaching N7.052 billion.

This took half-year pre-tax profits to N13.476 billion versus N12.733 billion in the same period last year.

Key highlights Q2 2023 vs Q2 2022

Revenue 325 billion +25.06% YoY

Cost of sales N119.301 billion +24.15% YoY

Gross Profit N20.024 billion +30.79% YoY

Administrative expenses N10.125 billion +28.81% YoY

Selling and Distribution expenses N1.274 billion +9.08% YoY

Operating income N8.183 billion +18.49% YoY

Finance Income N504 million +15.19% YoY

Finance cost N1.131 billion +55.63% YoY

Profit for the year N4.625 billion +11.08% YoY

Earnings per share N13.62 +11.09% YoY

Cash and cash equivalent N111.691 billion +35.02%.

Total Assets N350.226 billion +13.78%

Insights

The significant growth in Total’s operating profit can be attributed to the notable increase in revenue, largely driven by the remarkable expansion observed in the petroleum products division. This sector remains a significant contributor to the company’s overall revenue.

Furthermore, a noteworthy aspect of Total’s financial performance is the expansion of other expenses, primarily due to net foreign exchange losses. The net foreign exchange losses experienced a sharp increase, reaching N1.503 billion, in contrast to the absence of such losses in the previous reporting period.