• Friday, June 14, 2024
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TotalEnergies, MRS Nigeria see earnings more than double to N13.5bn

TotalEnergies, MRS Nigeria see earnings more than double to N13.5bn

The earnings of TotalEnergies Marketing Nigeria Plc and MRS Oil Nigeria Plc more than doubled to N13.5 billion in the first quarter of 2024, according to a BusinessDay analysis.

The latest financial statements of the oil marketing firms show that their after-tax profit rose by 138.1 percent to N13.5 billion from N5.64 billion in the same period of last year.

Eterna Plc however reported an after-tax loss of N4.06 billion.

Read also: Four oil marketing firms’ prepaid expenses rise 34% to N3.9bn

Analysis of individual firms

Eterna

Eterna’s after-tax loss stood at N4.06 billion in the first quarter of 2024 from an after-tax profit of N1.09 billion in the same period of 2023.

The firm’s revenue increased to N67.8 billion from N31.18 billion during the period.

Eterna’s cash and cash equivalent jumped to N2.06 billion from N11.7 billion.

Movement in the firm’s cash and cash equivalent reveals that Net cash generated from operating activities stood at a positive of N5.52 billion from a negative of N3.48 billion.

Net cash generated from investing activities stood at a negative N863.4 million from a negative N387.7 million.

Net cash generated from financing activities stood at a negative N6.71 billion from a positive N4.8 billion.

Eterna manufactures and sells a range of lubricants and petroleum products as well as supplies imported fuels for the retail, industrial, agricultural, automotive, marine, and energy sectors in Nigeria.

The Trading division bulk imports and sells premium motor fuels and automotive gas oil, dual-purpose kerosene, base oils, and bitumen. low pour fuel oil and crude oil.

TotalEnergies Marketing Nigeria

Total Energies’ after-tax profit grew to N11.5 billion in the first quarter of 2024 from N4.16 billion in the same period of 2023.

Revenue increased to N269.8 billion from N135.3 billion during the period reviewed.

Total Energies cash and cash equivalent jumped to N134.5 billion from N55.09 billion.

Movement in the firm’s cash and cash equivalent reveals that Net cash generated from operating activities stood at a positive of N25.44 billion from a negative of N30.03 billion.

Net cash generated from investing activities stood at a negative N495.6 million from a positive N217.2 million.

Net cash generated from financing activities stood at a positive of N49.9 billion from a negative of N1.09 billion.

TotalEnergies is a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. TotalEnergies is also a large-scale chemicals manufacturer.

Read also: FG pledges transparency as 2024 oil block bid rounds begin

MRS Oil

MRS Oil’s after-tax profit grew to N1.99 billion in the first quarter of 2024 from N1.48 billion in the same period of 2023.

Revenue grew to N79.2 billion from N30.8 billion during the period.

MRS Oil cash and cash equivalents increased to N11.02 billion from N5.21 billion.

Movement in the firm’s cash and cash equivalent reveals that Net cash generated from operating activities stood at a positive of 7.55 billion from a positive N3.92 billion.

Net cash generated from investing activities stood at a negative N2.43 billion from a negative N3.61 billion.

Net cash generated from financing activities stood at a negative N878,000 from a positive of N1.76 billion.

MRS Oil Nigeria Plc markets and distributes a range of refined petroleum products and lubricants in Nigeria for the automotive, industrial, and aviation sectors. Fuel products include petroleum motor spirit, automotive gas oil, dual-purpose kerosene, aviation kerosene, and low-pour fuel oil.