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TotalEnergies targets N190.879 billion revenue for Q1, 2024

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TotalEnergies

TotalEnergies Marketing Nigeria Plc is targeting to achieve N190.879 billion in revenue during the first quarter ending March 31, 2024.

This is contained in its Q1 2024 earnings forecast released to the Nigerian Exchange Limited (NGX) and seen by Nairametrics.

More on the projections: The company is projecting to rake in N26.339 billion in gross profit. It also targets profit before and after tax of N4.477 billion and N2.955 billion, respectively.

The company also noted that the projected income tax expenses for the period is N1.522 billion, even as the cost of sales was projected at N164.540 billion for the period.

Latest earnings: Total Energies reported its 2023 third-quarter results showing pre-tax profits declined by 48.02% year on year, reaching N3.145 billion.

This moderated nine-month pre-tax profits to N16.621 billion versus N18.783 billion in the same period last year.

Total’s significant decline in pre-tax profit can be attributed to net foreign exchange losses, higher interest on loans, and OPEX.

The company reported N4.805 billion in net foreign exchange losses for Q3, leading to a cumulative nine-month net foreign exchange loss of N6.308 billion.

This is in contrast to the previous year when no such losses were reported during the corresponding period.

On a positive note, Total managed to achieve a relatively strong 15.45% growth in revenue, outpacing the 11.98% growth in the cost of sales.

This successful revenue growth played a significant role in the overall 41.92% increase in gross profit.

The company said it paid a total dividend of N8.49 billion to its shareholders for the 2022 financial year.

This was disclosed yesterday at its 45th Annual General Meeting held in Lagos.

The company had earlier distributed the sum of N1.36 billion as interim dividends, representing N4.00 per share for the year ended December 31, 2022.

Shareholders at the AGM approved the sum of N7.13 billion representing another N21.00 per ordinary share of 50 kobo each to be paid as the final dividend for 2022 subject to the deduction of appropriate withholding taxes at the time of payment.

The chairman of the company, Jean-Phillipe Torres, who presented the financial statements to the shareholders, noted that despite global socioeconomic challenges, Totalenergies increased its turnover by 41% from N341 billion in 2021 to N482 billion in 2022.

He, however, added that due to rising costs, profit after tax decreased by 4% from N16.8 billion to N16.1 billion.

While lamenting that Nigeria was unable to benefit from the rise in crude oil because it couldn’t meet its Organization of Petroleum Exporting Countries, OPEC allocation due to massive crude oil theft and pipeline vandalism, he stressed that Totalenergies maintained the lead in its network by evolving its products and services beyond access to energy solutions.

Torres, who noted that the company grew its market share in lubricants by 15%, said its commitment to renewable energy is unwavering.

 


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