TOTAL NIGERIA PLC Q3-2020 shows a decline in revenue by 31.61% to
N151.71 bn from N221.84 recorded in the third quarter of 2019. Cost of sales also declined by 33.58% reducing the pressure of the low revenue on the gross profit.
Notably, gross profit declined by 16.20% to
N21.029 compared to the N25.09 billion recorded in Q3-2019. A sharp decline of 77.69% was however witnessed on the Operating profit following an increase in operating expenses.
Finance Income Buoyed Bottom-line to a Profit Making Position
Surprisingly, Total Nigeria’s Profit Before Tax moved from a loss position of
N116 mn in 2019 to a profit of N912 mn in the current period following a surge in Finance income from N0.29 bn to N2.20 bn. This was also supported by a 58.26% decline in finance cost. Consequently, Profit After Tax improved to N500mn from a loss of N204 mn in Q3-2019.