Top Oil Firms Reveal Projected Revenue For Last Q4 2023

Three oil firms, MRS Oil Nigeria Plc, TotalEnergies Marketing Nigeria Plc and Eterna Plc have projected over ₦427.58bn in revenue for the fourth quarter of 2023.

The oil firms made this known in their forecasts which were filed with the Nigerian Exchange Limited.

MRS Oil projected that its revenue will be ₦154.02bn in Q4. That its profit before tax would be ₦1.50bn with its tax projected to come in at ₦487.61m and profit after tax predicted to be ₦1.02bn.

On its statement of cash flow, the oil company said that its net cash generated from operating activities would be ₦2.35bn and its cash and cash equivalent at the end of the third quarter would be ₦8.17bn.

In its half-year report, MRS Nigeria declared ₦59.65bn which is an increase of nearly 40 per cent from ₦42.66bn in H1 2022. Its profit for the period rose to ₦2.310bn from ₦351m.

For TotalEnergies Marketing Nigeria Plc, the revenue forecast for Q4 is ₦138.81bn.  Profit before taxation is expected to hit ₦2.31bn, and income tax expense is projected to be ₦748.766m with the profit for the period being ₦1.56bn.

In terms of cash flow, TotalEnergies Marketing Nigeria Plc is projecting that net cash generated from operations will be ₦16.76bn. Cash and cash equivalents as of September 30, 2023 (Q3 ending) is expected to be ₦12.09bn.

TotalEnergies Marketing Nigeria Plc which is a marketing and services subsidiary of the oil giant, Total, in the first half of 2023 reported 31 per cent growth in its revenue to ₦274.60bn from ₦209.01bn. The growth in its profit for the same period stood at three per cent to ₦8.79bn.

Eterna Plc in its own earnings forecast projected that its revenue for Q4 would be ₦134.75bn with the cost of sales expected to take up a significant portion of it at ₦120.59bn.

The oil projected that profit before tax will be ₦982.37m while profit after tax is expected to come in at ₦308.59m.

In terms of cash flow, Eterna said that cash and cash equivalent at the beginning of the period would be ₦9.12bn and ₦2.87bn at the end of the period. The company also projected that the effects of foreign exchange rate changes will be ₦9.62bn during the quarter.

The revenue of oil firms increased in the first half of 2023, driven by a surge in fuel prices and increasing global demand.  Recall that fuel subsidy was removed during the period, which led to an increase in the price of petrol across Nigeria.

According to the National Bureau of Statistics, the average retail price paid by consumers for petrol in June 2023 was ₦545.83, marking an increase of 210.32 per cent relative to the ₦175.89 recorded in June 2022.