Total Nigeria’s Profit Falls 70% on High Financing Costs - THISDAYLIVE

The reliance on bank borrowings to finance its operations continued to have a negative impact on the fortunes of Total Nigeria Plc as it has recorded a decline of 69 per cent in its bottom-line for the year ended December 31, 2019.

An analysis of the results showed that Total Nigeria posted a revue of N290.883 billion in 2019, down marginally by 5.6 per cent from N307.987 billion in 2018. Gross profit stood at N33.827 billion, as against N34.785 billion in 2018. However, net financing cost jumped from N2.286 billion to N6.706 billion in 2019. Consequently, profit before tax fell from N12.098 billion to N3.652 billion. A reduction of 70 per cent in taxation from N4.137 billion in 2018 to N1.231 billion in 2019, made PAT to print at N2.422 billion, down from N7.961 billion in 2018.

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