Total Nigeria’s profit falls to N2.06bn, revenue down 30%
Total Nigeria Plc has said its profit for the 2020 financial year dropped by 9.65 percent to N2.06 billion, compared to the previous year.
The oil marketing company reported a profit before tax fell to N2.91 billion last year from N3.07 billion in 2019.
Its revenue plunged by 29.93 percent to N204.72 billion in 2020 from N292.18 billion a year ago, its audited financial statements released on Friday showed.
The company’s Board of Directors recommended to members the payment of a final dividend of N6.08 per ordinary share of 50 kobo each, down from N6.71 in 2019.
Total Nigeria, a subsidiary of Total Group, said during the COVID-19 lockdown last year, its network sales were impacted, and aviation sales were at a standstill.
“The Nigerian oil and gas industry has been quite difficult for the downstream sector for the last couple of years. Tiny margins are constantly being further eroded by inflation and very high operating costs brought about by inefficient supply and difficult logistics,” the Chairman, Total Nigeria, Stanislas Mittelman, said.
