Three oil firms, MRS Oil Nigeria Plc, TotalEnergies Marketing Nigeria Plc and Eterna Plchave projected that they will earn N427.58bn as revenue in the fourth quarter of 2023.

The oil firms disclosed this in their Q4 forecasts which were filed with the Nigerian Exchange Limited.

MRS Oil projected that its revenue will be N154.02bn in Q4. That its profit before tax would be N1.50bn with its tax projected to come in at N487.61m and profit after tax predicted to be N1.02bn.

On its statement of cash flow, the oil company said that its net cash generated from operating activities would be N2.35bn and its cash and cash equivalent at the end of the third quarter would be N8.17bn.

In its half-year report, MRS Nigeria declared N59.65bn which is an increase of nearly 40 per cent from N42.66bn in H1 2022. Its profit for the period rose to N2.310bn from N351m.

For TotalEnergies Marketing Nigeria Plc, the revenue forecast for Q4 is N138.81bn.  Profit before taxation is expected to hit N2.31bn, and income tax expense is projected to be N748.766m with the profit for the period being N1.56bn.

In terms of cash flow, TotalEnergies Marketing Nigeria Plc is projecting that net cash generated from operations will be N16.76bn. Cash and cash equivalents as of September 30, 2023 (Q3 ending) is expected to be N12.09bn.

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 N274.60bn from N209.01bn. The growth in its profit for the same period stood at three per cent to N8.79bn.

Eterna Plc in its own earnings forecast projected that its revenue for Q4 would be N134.75bn with the cost of sales expected to take up a significant portion of it at N120.59bn.

The oil projected that profit before tax will be N982.37m while profit after tax is expected to come in at N308.59m.

In terms of cash flow, Eterna said that cash and cash equivalent at the beginning of the period would be N9.12bn and N2.87bn at the end of the period. The company also projected that the effects of foreign exchange rate changes will be N9.62bn 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 N545.83, marking an increase of 210.32 per cent relative to the N175.89 recorded in June 2022.

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