Total Nigeria Plc- Earnings Update Q3 2016
Total Nigeria Plc
Third Quarter 2016
Revenue up by 38%, Profit after Tax up by 320% to set another record earnings period
Total Nigeria (or the “Company” or “Total”) Plc, a petroleum marketing and distribution Company released its third quarter earnings for the period ended September 30, 2016 on the 27th of October 2016. The result showed a 38.24% growth in revenue to ₦220.21 billion ($722.02mn) from ₦159.29 billion ($522.29mn) Year-on-Year (YoY) while profit after tax grew by 319.91% to ₦11.63 billion ($38.13mn) from ₦2.77 billion ($9.08mn) YoY. Gross profit grew by 71.32% (80.02% in Q2) while cost of sales as a percentage of revenue declined by 3.18%. Operating profit grew by 325.08% (336.09% in Q2) YoY while finance cost declined by 59.23% YoY.
The Company has proposed an interim dividend of ₦7.00 (previous of ₦2.00) per share.
The earnings reported for the third quarter are above our full year estimates published in our August 9, 2016 report. We will review our position on the company and adjust our estimates accordingly.