Success Nwogu 
Total Energies Marketing Nigeria Plc posted a pre-tax profit of N30.571 billion in the first half of 2024.
The company posted N13.730 billion for the second quarter, ending June 30, 2024. This is a 95 per cent year-over-year increase and surpassed its Q2 pre-tax forecast of N6.419 billion.
These were contained in the company’s Q2’24 financial statements seen by New Telegraph yesterday. It stated that revenue grew by 87 per cent year-over-year to N260.105 billion, driven by the revenue from petroleum products.
Recall that responding to the release of its Q1 2024 results and Q3 2024 forecast, the share price surged to a 52-week high of N388.90.
The key main points (Q2 2024 vs Q2 2023) analysis of the statement are: Total Equity: N68.158 billion +21.54 per cent; Revenue: N260.105 billion +86.69 per cent YoY; Cost of sales: N230.805 billion +93.46 percent YoY; Gross profit: N29.300 billion +46.32 per cent YoY; Selling & Distribution Expenses: N3.807 billion +198.85 per cent YoY; Administrative Expenses: N14.507 billion +43.28 per cent YoY; Operating profit: N16.318 billion +99.40 per cent YoY; and Net finance cost: N2.588 billion +128.75 per cent YoY
