Totalenergies Marketing Nigeria Plc reported about seven per cent drop in profit to N12.05 billion in nine months ended September 30, 2022 unaudited result and accounts from N13.4 billion reported in corresponding nine months of 2021 over hike in cost of sales and finance cost.
With the drop in profits, the company report a Profit Before Tax margin to 5.6per cent in nine months of 2022 from 8.1 per cent in nine months of 2021 while profit After Margin closed nine months of 2022 at 3.7per cent from 5.5 per cent in nine months of 2021. The growth in finance cost was driven by N1.95billion interest paid on import loans in nine months of 2022 from N33.28billion reported in nine months of 2021, while Interest on other loans moved to N1.31billion in nine months of 2022 from N911.5million reported in 2021.
This brings it OPEX margin to -7.9per cent in nine months of 2022 from -9.7per cent in nine months of 2021. Revenue growth followed the stellar performances across the business’ three segments – Network that rose by 29.6per cent, contributing 44.1 per cent to revenue; General Trade rose by 38.6 per cent and contribute 41.3per cent of revenue and Aviation rose significantly by 106.3per cent and contributed about 15 per cent of revenue.
The company earned N36.83 per share at the end of the nine months of 2022, down from N39.43 per share in the same period in 2021.Totalenergies Marketing Nigeria reported N314.05billion total assets as of September 30, 2022, representing an increase of 50.5 per cent from N208.73billion in 2021 Financial Year .