Earnings Update: Total Energies Nig. Plc FY’22

Cost of Sales, Finance Cost, and Taxation impaired the PAT

When Total Energies Marketing Nigeria Plc closed its book for the 2022 financial year, its total revenue rose by 41.36% to N482.47bn compared to N341.31bn recorded in 2021. However, this positive performance was greatly affected by an increase in Finance Costs, Cost of Sales, and Taxation, among others. The company’s book shows that the cost of getting funds to finance its activities skyrocketed by 234.03% to N3,135,260bn when compared to N938,618mn in the corresponding year, 2021. In the same direction, the cost of sales, and income tax further impacted the Profit After Tax (PAT), when it increased by 47.49% and 5.52% respectively.

Bottomline Recorded Negative Performance

The impact of the above made it impossible for an oil company to upscale its profitability in FY’2022. While Profit Before Tax (PBT) went down by -1.22%, PAT declined by -4.41% to N16,118,376bn compared to N16,862,130bn in 2021.

Total Assets Surged by 47.11%

The company’s total assets for the year-end 2022 closed at N307,815,723bn, up by 47.11%, against N202,728,966bn in the previous year, 2021. Nevertheless, the rise in the total liabilities of the company overshadowed the appreciation in total assets by about 6.64%, when the total liabilities closed at N257,528,913bn or 54.11% compared to N167,109,661bn in its book in 2021. Cash and Cash Equivalence rose by 31.41% to N82,724,315 from N62,952,682bn in the corresponding period of 2021.

EPS went down by -4.41%

EPS deprecated by -4.41% from N49.66 in 2021 to N47.47 in 2022. 

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