Emmanuel OchayiIn a bold toward Q1 2024, three major oil and gas entities—Eterna Plc, TotalEnergies Marketing Nigeria Plc, and MRS Oil—have revealed projections totaling N290 billion in revenue, as disclosed in their earnings forecast filed with the Nigerian Exchange Limited.
Eterna Plc eyes N53.65 billion in revenue, despite an expected cost of sale hovering around N51.09 billion, leaving a modest gross profit of N2.56 billion. However, various expenses may trim this down, landing the profit after tax at N391.54 million. Speaking on their forecasts, a representative from Eterna stated, “Our projections reflect a cautious optimism amidst dynamic market conditions.”
TotalEnergies Marketing Nigeria Plc, projecting the highest revenue of N190.88 billion among the three firms, anticipates a profit before tax of N4.48 billion. “We remain focused on driving revenue while managing costs efficiently,” stated a company spokesperson.
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Meanwhile, MRS Oil Plc aims for a turnover of N46.34 billion, emphasizing a steady gross profit of N1.36 billion despite a projected cost of sales. An official from MRS Oil remarked, “Our strategic approach aims at sustaining growth while ensuring operational stability.”
However, amidst these projections, the NGX oil and gas index reports an outstanding 125.12% year-to-date returns, illustrating a robust market performance. This upward trajectory in revenue aligns with the positive trend experienced this year, propelled by soaring fuel prices and a global surge in demand.
The removal of fuel subsidies, leading to a nationwide hike in petrol prices, stands as a pivotal factor impacting these financial forecasts. This shift has propelled the revenue momentum of these oil firms, fostering a resilient outlook for the industry in the upcoming quarter.
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