Total Nigeria Profit Dips by N36.9bn

Total Nigeria Plc posted N36.945 billion decline in revenue for the quarter ended June 30, 2020.

In the unaudited financial statement released through the Nigerian Stock Exchange for the period, revenue declined by N36.945 billion from N73.408 billion recorded in the second quarter (Q2) of 2019 to N36.464 billion in Q2 2020.

The company’s cost of sales reduced in line with revenue to N31.818 billion during the period, down from N64.813 billion reported in the corresponding period of Q2 2019.

Accordingly, gross profit dipped from N8.595 billion in Q2 2019 to N4.646 billion in Q2 2020. While operating profit plunged from N2.561 billion in the corresponding period of 2019 to -N1.643 billion.

Profit before tax declined from N620.392 million reported in the same period of 2019 to -N386.903 million in Q2 2020.

While profit after tax stood at -N373.965 million in Q2 2020, down from N604.064 million achieved in Q2 2019.