One of Nigeria’s biggest downstream firms, Total Energies rakes in 70 percent of its 2022 half-year revenue of N209.01 billion from petroleum products, BusinessDay learnt.
Data sourced from the firm’s latest financial statement showed revenue from petroleum product stood at N147 billion in value while lubricants and others contributed 30 percent (N62 billion) of total revenue in the first half of 2022.
The firm’s revenue climbed 38 percent to N209 billion, the highest in seven years from N151.3 million in the first half of 2021.
The oil firm network segment contributed N108.7 billion (52%), general trade contributed N75.2 billion(36%) and aviation contributed N25.1 billion (12%) to the total revenue in the first half of this year.
However, the cost of sales this year took out 85.9 percent of the total revenue while in the first half of 2021, 83 percent of the cost of sales was taken out of the revenue.
Total Energies’ cost of sales jumped to N179.2 billion in June 2022, up 42 percent from N125.8 billion in June 2021.
Profit was up by 5.4 percent to N8.5 billion in the first half of this year from N8.06 billion in the same period of 2021.
Net foreign exchange gain, however, dropped a huge 92 percent to N71 million in June 2022 from N986.4 million in June 2021.
The total staff cost increased to N6 billion in the first half of 2022, 17.6 percent from N5.1 billion in the first half of 2021.
Total Energies’ staff in the financial year declined by just 0.2 percent to 435 staff from 436 staff in June 2021.
Total trade and other payables jumped to N151.7 billion in June 2022, a 12.7 percent increase from N134.5 billion in December 2021.
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The total borrowings surged to N58.17 billion in the period which ended June 2022, up by a huge 258 percent from N16.23 billion in December 2021.
Inventories jumped 87 percent to N54.7 billion in June 2022, coming from N29.2 billion in December 2021.
Total Energies’ expenses on customs duties rose to N1.97 billion in June 2022, a 10.6 percent increase from N1.78 billion in June 2021.
Auditor’s remuneration increased to N34 million in June 2022, up 20 percent from N28.2 million in June 2021.
Shareholders’ funds rose to N44.06 billion in June 2022, up 34 percent from N32.82 billion in June 2021.
Net cash generated from operating activities recorded a negative of N32.2 billion in June 2022 from a positive of N25 billion in June 2021.
Net cash used in investing activities recorded a negative of N3.21 billion in June 2022 from negative N268.6 million in June 2021.
Net cash used in financing activities increased to N37 billion in June 2022, a huge 1508 increase from N2.3 billion in June 2021.
Cash & cash equivalents in the statement of cash flows showed a 17 percent year-on-year growth to N64.7 billion from N55.27 billion in June 2021.
Basic and diluted earnings per share in the six months ended June 2022 amounted to N25.12 from 23.76 in June 2021.
