TOTAL Energies Marketing Nigeria Plc reported its 2023 second-quarter results showing pre-tax profits grew by 14.12 per cent year on year, reaching N7.052 billion.
This took half-year pre-tax profits to N13.476 billion versus N12.733 billion in the same period last year.
The revenue of the company under the review increased by 25.06billion to 325 billion, while the Cost of sales of the company settled at N119.301 billion, having increased by 24.15 per cent.
Therefore, the company posted a Gross Profit of N20.024 billion, signifying 30.79 per cent YoY increase.
The significant growth in Total’s operating profit can be attributed to the notable increase in revenue, largely driven by the remarkable expansion observed in the petroleum products division. This sector remains a significant contributor to the company’s overall revenue.
Furthermore, a noteworthy aspect of Total’s financial performance is the expansion of other expenses, primarily due to net foreign exchange losses. The net foreign exchange losses experienced a sharp increase, reaching N1.503 billion, in contrast to the absence of such losses in the previous reporting period.
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