Total Nigeria Reports 103% Decline in Profit

• Total Nigeria Reports 103% Declines in Proft

Total Nigeria revenue declined by 2.23 percent in the first nine months of the year to N221.835 billion.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE) on Wednesday, the company’s total revenue declined slightly from N226.914 billion recorded in the first nine months of 2018.

Also, the cost of sales surged slightly during the period to N196.739 billion, up from N195.941 achieved in the same period of 2018.

Accordingly, gross profit declined by 18.9 percent to N25.095 billion from N30.973 billion reported in 2018.

While Total Nigeria’s operating profit declined by 59.65 percent to N5.741 billion, down from N14.229 billion in the corresponding period of 2018.

The huge gap in operating profit was a result of the surge in impairment loss on trade receivables and contract assets which rose to N17.502 billion during the period from N14.261 billion reported in the same period of 2018.

Similarly, profit before tax dropped 101 percent from N11.439 billion to -N116.950 million in the period. The number declined further to -N204.844 million or 103 percent after-tax, down from N7.665 billion.

The price of a unit share declined by 29 percent from N183 in the same period of 2018 to N129.50 in the nine months through September 30, 2019.

While earnings per share declined by 103 percent to -N0.60 from N22.58.

The company’s total assets, however, increased from N132.520 billion to N145.273 billion.