In its forecast of the statement of profit or loss and other
comprehensive income obtained from the Nigerian Exchange Limited (NGX), the oil
firm also projected N58.530 billion as cost of sales for the period.
Challenges of insecurity and other high costs of operations
attributable to poor infrastructure have also continued to make the business
operating environment difficult – especially in the oil and gas sector of the
economy.
Total is also targeting to rake in N3.713 billion as profit
before tax and N2.510 billion for profit after tax during the period.
Total Energies Marketing Nigeria recently announced its
first quarter (Q1) 2022 unaudited results for the period ended March 31, 2022,
with revenue recording 46.3% to N97.61 billion from N66.70 billion reported in
Q1 2021.
The growth in revenue reported by Total Energies Marketing
Nigeria was driven by higher product prices and demand from consumers in the
period three months of 2022.
The petroleum marketing company sustained dominance in the
downstream oil & gas market as the growth in revenue was driven by the
impressive growth across lubricants & others which gained 91.3% in Q1 2022
and Petroleum products that rose by 34.1% in Q1 2022.
Revenue contribution from the lubricants & others line
increased to 31per cent in Q1 2022 from 24% reported in Q1 2021, highest level
on record and highlighting management’s strategy of maximizing its lubes
revenue growth.
Across its business segments, revenue from the Network rose
by 10.8% and contributed 53 per cent of revenue), General Trade rose by 125.6%
and contributed 37 per cent of revenue) and Aviation rose by 168.3% and
contributed 11% of revenue) segments all increased.
Net finance cost declined by 44.6% to N7.64 million from
N140.08 million in Q1 2021, following a surge in finance income to N684 million
from N37.05 million in Q1 2021.
On the other hand, finance costs increased by 330% to
N761.65 million, driven by interests on other loans from N515.32 million
reported in Q1 2022.
Overall, profit before tax surged by 50.6% to N6.55 billion
in Q1 2022 as against N4.35 billion reported in Q1 2021.
Notwithstanding a higher tax expense of N2.19 billion in
2022 from N1.38 billion in Q1 2021, profit after tax grew by 47 per cent to
N4.37 billion in Q1 2022 from N2.97 billion reported in Q1 2021.
Other key projections
- Selling and distribution cost N2,155,681.
- Administrative expenses N8,711,963.
- Gross profit N13,715,758.
- Other Income N685,804
- Cash receipts from customers N70,801,404.
- Cash paid to suppliers and employees N58,530,572
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