TotalEnergies Marketing Nigeria Plc is projecting a pre-tax profit of N6.4 billion in the second quarter of 2024, according to its recent earnings forecast released on the NGX.
This compares to a pre-tax profit of N7 billion reported in the same period of 2023 indicating a slight dip in forecasted earnings.
The company also expects to close the quarter with a negative cash balance of N64.5 billion due to debt servicing and repayments.
TotalEnergies Marketing Nigeria is one of the leading oil and gas marketing firms in Nigeria and has always declared profits every quarter since it recorded a second-quarter loss in the COVID-19 year of 2020.
Key highlights (2024 Q2 versus 2023 Q2)
- Revenue of N197.4 billion is forecasted versus N139.3 billion reported as actual a year earlier
- Operating Profit of N10.4 billion forecasted versus N8.1 billion a year earlier.
- Pre-tax profit of N6.4 billion forecasted versus N7 billion in the same period in 2023
- In terms of cash flow, the company is projecting cash receipts of N177.7 billion, however, it will pay about N153.5 billion for suppliers, salaries, and taxes.
- Net cash from operating activities is expected to be N22.7 billion at the end of the quarter.
- Total expects to repay loans of about N45 billion which means it expects to end the year with an overdraft of N64.5 billion
The forecast was contained in a publication published on the NGX.
