2023 Q2 Results: TotalEnergies beat earnings forecast by 31.3%

TotalEnergies Marketing reported an 11% increase in earnings per share for the second quarter ended June 2023.

This was contained in its earnings release published on the Nigeria exchange.

Key highlights

• Revenue grew 25% to N139.3 billion compared to N111.4 billion
• The revenue growth beat the company estimates of N84.8 billion by over 31.3%
• Revenue for the first quarter of the year was N135 billion.
• Cost of sale and operating expenses topped a combined N132 billion higher than the N105 billion reported same period last year.
• Operating profit during the period was N8.1 billion beating the company estimates of N5.5 billion and topping the prior year’s operating profit of N6.9 billion.
• Pre-tax profits also grew 14.7% to N7 billion from the N6.1 billion reported a year earlier

Insights: The company beat the second quarter forecast it set for itself by a mile as strong revenue growth outpaced the impact of rising costs.

• Meanwhile, the company took a hit on net foreign exchange losses, provisioning for N1.5 billion.