Total Nigeria Plc records 0.7% increase in 2020 FY pre-tax profits
- 29th January 2021
- Posted by: Hakeem
- Category: Business plans
Total Nigeria Plc records (TOTAL) recorded a marginal boost in its 2020 FY pre-tax profits, as total revenue generated in the period declined.
Total Nigeria Plc – a Marketing and Services subsidiary of Total – reported pre-tax profits of N3.09 billion in 2020 FY compared to N3.07 billion recorded in 2019 – a 0.72% increase.
Key highlights for 2020 FY
- Revenue declined to N204.16 billion, -30.13% YoY.
- Revenues from petroleum products declined to N156.49 billion, -35.06% YoY.
- Revenues from lubricants and others declined to N47.67 billion, -6.85% YoY.
- Other income declined to N1.54 billion, -53.90% YoY.
- Cost of sales declined to N173.97 billion, -32.34% YoY.
- Finance Income increased to N2.26 billion, +96.84% YoY.
- Selling and distribution expenses declined to N2.96 billion, -22.83%YoY.
- Finance costs declined to N2.89 billion, -63.39% YoY.
- Pre-tax profits increased to N3.09 billion, +0.72% YoY.
- Earnings Per Share declined to N6.61, -1.49% YoY.
Total Nigeria Plc recorded a marginal increase in its pre-tax profits in the period under consideration, 2020 FY.
The company recorded declined revenue from its two generating units – petroleum products and lubricants and others.
Although the company generated less revenue in the period under consideration compared with the corresponding period of 2019, it grew its pre-tax profits by 0.72%.
A cursory look at the results showed that increased finance income, as well as declined finance costs, aided the growth in profits.
Declined costs of sales and selling and distribution expenses in relation to total revenues also contributed to the marginal growth in 2020 FY pre-tax profits.