FY2023: Total Energies reports 28% decline in PBT

TotalEnergies Marketing Nigeria Plc, a member of the TotalEnergies Group, in its unaudited financial statements for 2023, has posted a Profit Before Tax (PBT) of N17.6 billion in FY 2023 for the company, which reflects a 28 percent decline from the N24.5 billion pre-tax profit posted in 2022.

In 2023, the company recorded a revenue of N636.0 billion, representing a 32 percent growth from the N482.5 billion recorded in 2022.

However, there was a corresponding 31 percent growth in cost of sales to N554.1 billion in FY 2023 from N422.3 billion posted in FY 2022.

The company’s revenue growth was linked to the growth in the sales of petroleum products off the back of the removal of subsidies on petroleum products.

The company recorded a 40 percent growth in petroleum products revenue to N509.3 billion from FY 2022’s N362.7 billion.

The company recorded a 36 percent growth in gross profit to N81.8 billion in 2023, from the N60.2 billion posted in 2022.

However, there was a 14 percent decline in operating profit to N23.9 billion in the fiscal year, from the N27.7 billion posted in 2022.

The decline in operating profit is linked to the net foreign exchange loss of N11.5 billion caused by the devaluation of the naira in 2023.