Total Nigeria Plc has declared a 70 per cent plunge in its 2019 after-tax profit compared to the corresponding period of 2018.
According to the company’s unaudited financial statement for the year ended December 31, 2019, published on the website of the Nigerian Stock Exchange (NSE), its revenue dipped by 6 per cent from N307.988 billion posted in 2018 to N290.883 billion in the same period of 2019.
Also, the company’s profit before taxation (PBT) dropped to N3.652 billion from the N12.098 billion posted in 2018, signalling a 70 per cent decline while profit for the year declined by 70 per cent from N7.961 billion to N2.422 billion recorded in 2019. Further analysis showed that a 19.4 per cent upsurge in administrative expenses from N19.945 billion as of December 3, 2018 to N23.812 billion in the same period last year accounted in part for the drop in profit. Also contributing to the significant drop in profit was an expansion in finance costs, which leapt to N7.856 billion at FY2019 from N4.461 billion at FY2018, translating to 76 per cent rise.