TotalEnergies Nigeria has predicted that its Profit-before-Tax (PBT) for the second quarter of 2024 will be lower at N6.4 billion.
According to the company›s earnings forecast released to the investing community via the Nigerian Exchange Limited (NGX), the N6.4 billion when compared to the PBT of N7 billion reported in the same period of 2023 indicated a slight dip in forecasted earnings.
The company also expects to close the quarter with a negative cash balance of N64.5 billion due to debt servicing and repayments.
TotalEnergies Marketing Nigeria is one of the leading oil and gas marketing firms in Nigeria and has always declared profits every quarter since it recorded a second-quarter loss in the COVID-19 year of 2020.
However, the company predicted a higher revenue of N197.4 billion versus N139.3 billion reported as actual a year earlier, while an Operating Profit of N10.4 billion forecasted versus N8.1 billion a year earlier.
In terms of cash flow, the company is projecting cash receipts of N177.7 billion, however, it will pay about N153.5 billion for suppliers, salaries, and taxes.
Net cash from operating activities is expected to be N22.7 billion at the end of the quarter.
