TotalEnergies Hits 52-Week High after Earnings Forecast
TotalEnergies Marketing Plc surged 21% to hit a 52-week high as investors renewed interest in the company’s shares after the earnings forecast. The company is 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 cost about N389,000 to buy 1,000 units of its 339.521 million outstanding shares on the Nigerian Exchange.
The share price peaked at a 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. Management set cost of sales at N185.3 billion, leaving TotalEnergies with N27.059 billion as gross profit for the period.
The company hinted that it would spend more than N17.2 billion on 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 finance costs of about N5.54 billion to eclipse its N950 million in finance income. Thus, net finance cost for the period is estimated at N4.589 billion.
The company’s pretax profit is estimated at N6.269 billion in the third quarter, according to its earnings forecast on the Nigerian Bourse. It projected a tax obligation of N2.131 billion 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
