The Executive General Manager, Corporate Social Responsibility (CSR), Total E&P Nigeria Limited, Vincent Nnadi said the company has released $10 billion into the Nigerian economy. Nnadi made this known during the Total Business Sustenance for New Entrepreneurs Graduation ceremony, adding that the aforementioned amount was the company’s investment into the economy in the last five years.
Recall in February 2018, Total Nigeria Plc released its financial statements for 12 months ended December 2017. Revenue declined by 1% from ₦290 billion in 2016 to ₦288 billion. Profit before tax fell sharply from ₦20.3 billion in 2016 to ₦11.3 billion in 2017. Profit after tax declined by 46% from N14.7 billion in 2016 to ₦8.0 billion in 2017.
The company also released its financial statements for the period ended Q1 for the period ended March 31 2018 in April 2018. Total reported Revenue of ₦75.65 billion for the period in view compared to ₦80.46 billion reported for the period ended March 2017. This represents a 6% decrease for the comparative period in 2017.
Profit before tax was ₦2.63 billion for the period ended March 2018, a 38% decrease from the ₦4.25 billion reported during the comparative period in 2017. The company’s profit after tax for the period ended March 2018 was also ₦1.67 billion compared to ₦2.67 billion reported March 2017. This represented a 38% decrease for the comparative period in 2017.
Total Nigeria Plc also reported earnings per share of 492 kobo for the period ended March 2018 compared to 787 kobo reported for the period ended March 2017. This represents a 37% decrease for the comparative period in 2017.
Total Nigeria Plc stock traded at N183 during today’s trading session at the Nigerian Stock Exchange. Year to date, the stock is down 20.4%.
About Total
Total Nigeria Plc was incorporated as a private company on June 1, 1956 to market petroleum products in Nigeria. The company is a marketing and services subsidiary of Total, a multinational energy company operating in more than 130 countries and committed to providing sustainable products and services for its customers.
For over 50 years, Total Nigeria Plc has remained one of the leaders in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 500 service stations nationwide and a wide range of top quality energy products and services.
In September 11, 2001, the company had a successful merger which paved way for sustainable growth and continuous development.
This topic seems to be talking about two different companies. Total E&P Nigeria is run differently from Total Nigeria PLC and the financial reports mentioned in this article relates only to Total Nigeria PLC (a rested party to Total E&P Nigeria)