Total Ghana records Ghs 26.9 million growth in profit in Q2 2021
Multinational Oil Marketing Company (OMC), Total Ghana Plc, for end-June 2021, posted a net profit of Ghs 63.9 million.
The posted net profit marks a Ghs 26.9 million growth in the OMC’s profit when compared to the Ghs 37 million profit recorded same period last year.
The posted profit of the OMC is a huge decline from the Ghs 161 million gross profit recorded at the end of the second quarter this year.
Total Ghana’s revenue at end-Q2 2021 stood at Ghs 1.47 billion with its cost of sales amounting to Ghs 1.12 billion hence the gross profit of Ghs 161 million.
Per the OMC’s Q2 2021 Financial Statement, the posted profit of Ghs 63.9 million will result in an earning per share of 57 pesewas for shareholders.
The earning per share of 57 pesewas is an improvement on the earning per share of 33 pesewas posted for Q2 2020.
In terms of assets value, Total Ghana at the end of the second quarter of 2021, inched towards attaining the Ghs 1 billion mark recording a total assets value of Ghs 996 million.
An increase of some Ghs 156 million from the value of total assets of Ghs 840 million was recorded in Q2 2020.
Non-current assets of the OMC accounted for Ghs 379 million of the value of its total assets with current assets accounting for the remaining Ghs 616 million assets value.
The recorded increment in the value of the assets of the OMC is mainly attributable to some gains made in its current assets.
Elements such as the property, plant and equipment which make up the non-current asset of Total Ghana declined in value from Ghs 286 million in Q2 2020 to Ghs 284 million in Q2 2021.
However, increments in the value of the OMC’s cash and cash equivalents, inventories and trade, and other receivables from Ghs 89 million to Ghs 138 million, Ghs 108 million to Ghs 159 million, and Ghs 231 million to Ghs 291 million, in Q2 2020 and Q2 2021 respectively, largely offset the loses made in Total’s non-current assets.
With regards to total liabilities, Total Ghana’s liabilities for the review period increased to Ghs 599 million in Q2 2021 from Ghs 487 million in Q2 2020.
The increment in Total Ghana’s liabilities was on the account of a surge in its current liabilities which increased from Ghs 470 million to Ghs 583 million.
Its non-current liabilities recorded a marginal decline of almost Ghs 2 million, falling from total non-current liability of Ghs 17.4 million to a total non-current liability of Ghs 15.5 million at end-Q2 2021.
Find below details of the financial statement: