Totalenergies Marketing Nigeria Plc is growing sales but losing profit and this is happening for the second financial year. While sales revenue grew by as much as N37.7 billion or
38.6 percent year-on-year to N135.3 billion in the first quarter , the company’s after-tax profit went down by 4.6 percent to less than N4.2 billion over the period.
Cost of sales advanced by N37.2 billion or 44.3 percent year-on-year to N120.3 billion in Q1 and consumed virtually the entire sales revenue gain.This was the pattern last year as well when cost of sales rose ahead of turnover at 47.5 percent compared to 41.4 percent to close at over N422 billion at full year. That squeezed margins and reduced the closing profit for the year to N16.4 billion.
Some cost savings and gain in other income, however, helped the company to temper the effect of input cost and improve operating profit. Finance expenses rose by 110.6 percent year-on-year to N1.6 billion in the first quarter after having multiplied more than three times to close at N5.5 billion in 2022.
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