Total Nigeria Profit Declines by 9 Percent in 2020

Total Nigeria Plc, a leading oil and gas exploration company, posted a 30 percent decline in revenue from N292.177 billion in 2019 to N204.721 billion in the financial period ended 31 December 2020.

The oil company’s gross profit moderated from N35.051 billion achieved in the corresponding year of 2019 to N30.747 billion in 2020.

Similarly, operating profit stood at N3.538 billion in the year under review, down from N9.822 billion filed in the same period of 2019.

Net finance cost reduced from N6.751 billion in 2019 to N629.183 million in 2020.

Profit before income tax stood at N2.909 billion, higher than N2.751 billion achieved in 2019.

Income tax paid was N845.653 million, almost twice N472.019 million paid in 2019.

Profit for the year declined by 9 percent from N2.279 billion in 2019 to N2.063 billion in 2020.