TotalEnergies Marketing Nigeria Plc posted a better-than-expected result in the fourth quarter of 2023, exceeding its revenue and profit projections.
The 2023 unaudited financial statement of the oil marketing firm, filed with the Nigerian Exchange Limited on Monday, showed that it generated N213.38bn in the fourth quarter, compared to the N138.81bn revenue it projected in September.
Though its profit before tax stood at N992.89m, lower than the forecasted N2.31bn, post-tax tax grew to N2.11bn instead of the N1.56bn anticipated for Q4 2023.
A look at the entire year’s figures showed that Totalenergies Marketing revenue rose by 32 per cent to N635.95bn from N482.47bn in the corresponding period of prior.
However, PBT dipped by 28 per cent to N17.61bn and profit after tax also dipped by 20 per cent to N12.93bn.
In September, TotalEnergies Marketing Nigeria Plc, released its Q4 forecast which projected revenue of N138.81bn. Profit before taxation was expected to hit N2.31bn and income tax expense was projected to be N748.766m with the profit for the period being N1.56bn.
In terms of cash flow, the firm projected that net cash generated from operations would be N16.76bn.
While finance costs rose significantly, the company recorded a net foreign exchange loss of N11.50bn.
In 2021, Total Group worldwide changed its name to TotalEnergies and adopted a new logo, thereby anchoring the transformation into a broad energy business within the Company’s identity.
Accordingly, the company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in the same year.
As of December 2023, the parent company, TotalEnergies Marketing Services (incorporated in France) owned 61.72 per cent of the issued shares of TotalEnergies Marketing Nigeria Plc. The Parent and Ultimate controlling entity is TotalEnergies S.A (incorporated in France).
The revenue of oil firms increased in the first half of 2023, driven by a surge in fuel prices and increasing global demand.
Recall that fuel subsidy was removed during the period, which led to an increase in the price of petrol across Nigeria.
According to the National Bureau of Statistics, the average retail price paid by consumers for petrol in June 2023 was N545.83, marking an increase of 210.32 per cent relative to the N175.89 recorded in June 2022.
