Total Plc: Decrease in sale of petroleum products depletes revenues

Total Plc reported revenue of N151.71 billion in 2020 9M compared to N221.84 billion in the same period of 2019.

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Key highlights for 2020 9M

• Revenue decreased to N151.71 billion, -31.61% YoY.
• Revenue from petroleum products decreased to N117.36 billion, -35.41% YoY.
• Revenue from lubricants and others decreased to N35.87 billion, -10.66% YoY.
• Finance cost decreased to N2.57 billion, -58.25% YoY.
• Cost of sales decreased to N130.68 billion, -33.58% YoY.
• Pre-tax profits increased to N912.87 million, +880.56% YoY.
• Earnings Per Share increased to 1.47 kobo, +345.00% YoY.

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Bottom Line:

Total Plc recorded decreased revenues from its two revenue-generating units and pre-tax profits also decreased. Companies have generally recorded decreased revenue in the last three quarters mostly due to COVID-19. Pre-tax profits increased significantly, thanks to the reduced cost of sales and finance cost.