TotalEnergies Marketing Nigeria Plc rebounded with a profit improvement in the final quarter of 2022 after two successive quarters of profit declines. But the company still closed the full year with earnings slightly down to N16.4 billion.
A strong profit improvement of 47 percent to N4.3 billion in the first quarter diluted much of the declines but still left profit down by 2.6 percent at full year.It is a complete loss of the high growth momentum with which the company multiplied after-tax-profit more than eight times to N16.8 billion in 2021.
A stronger growth of input cost than revenue seen through the interims followed the company to full year. Cost of sales rose ahead of sales revenue at 47.5 percent to close at over N422 billion at full year. Operating profit improved by 8.8 percent to N28 billion at the end of the year, stretching out from flat position at the end of Q3. The big boost came from the final quarter performance that saw an outstanding growth of 43.7 percent in operating profit quarter-on-quarter to N7.4 billion.