TotalEnergies Hits 52-Week High after Earnings Forecast
Total Energies Marketing Plc surge by 21% to hits its 52-week high due to investors renewed interest in the company shares after notice of earnings forecast. The company now worth N132 billion after its share price ticked up to N388.9 from N321.50 at the beginning of last week.
For new investors, Total Energies market price appears expensive as it would take about N389,000 to own 1,000 unit out of 339.521 million outstanding shares on Nigerian Exchange.
The share price peaked at 52-week high of N388.9 just after the company announced its third quarter profit would reach N4.138 billion.
The company also told the Nigerian Exchange in its regulatory filing that its operations from July to September would yield N212.316 billion in revenue. The management sets costs of sales at N185.3 billion, leaving TotalEnergies with N27.059 billion as gross profit for the period.
The company hinted that it would expend more than N17.2 billion as administrative and selling expenses between July and Sept, 2024. It also forecast to rake in more than N1 billion from other income sources.
In its earnings forecast, operating profit is expected to print at N10.859 billion in the third quarter of the year. TotalEnergies expects about N5.54 billion finance costs to eclipse its N950 million in finance income. Thus, net finance costs for the period was estimated to reach N4.589 billion.
The company’s pretax profit is estimated to be N6.269 billion in the third quarter of the year, according to its earnings forecast details on the Nigerian Bourse. It projected N2.131 billion as its tax obligation for the period.
For the period, TotalEnergies Plc anticipates that its net profit would settle at N4.138 billion. #TotalEnergies Hits 52-Week High after Earnings Forecast
