Total Nigeria Plc - Profits set for a record year
​Continuing from Q4’15, TOTAL’s Q1’16 earnings surprised to the positive with annualized EPS (N33.28) well ahead of Vetiva (N13.73) and Consensus (N13.22) estimates. Reported PAT of N2.8 billion is the strongest so far in our records. Earnings were boosted by product mix in favour of the high margin Lubes segment which surprisingly grew by 17% y/y. The lower margin fuels business (predominantly petrol with the tightest margins) recorded a 3% decline much in line with our expectation given the tight supply over the quarter.
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