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Major oil firms spend N3.68bn on transport, freight

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Major oil companies in Nigeria spent N3.68bn on transportation and freight of costs of oil products in 2020, in contrast to the N5.13bn the oil firms spent for the same purpose in 2019.

The oil marketing companies, Total Nigeria Plc, MRS Oil Nigeria Plc and Conoil, saw their combined transport expenses for the period ended December 31 decline by N1.45bn.

This is a 28.34 per cent reduction in transport costs for the 12 months ended December 31, 2020, compared with 2019.

The firms collectively spent a lesser amount on freight and transportation costs last year according to the unaudited financial statements of the companies listed on the Nigerian Stock Exchange.

This is coming on the back of a lockdown that restricted activities with strict movement conditions like curfews that negatively impacted the delivery of goods and services.

Total Nigeria spent N1.61bn on transport supplies in 2020, down from N1.75bn in 2019, according to checks by our correspondent.

Conoil incurred freight costs of N1.80bn in 2020 compared to N2.87bn in 2019.

Similarly, MRS Oil Nigeria spent N257m on freight expenses in 2020 compared to N499m in 2019.

Meanwhile, Total Nigeria, a subsidiary of a French oil major, Total, recorded a profit decline of N2.24bn in 2020 compared to N2.27bn recorded in the same period of 2019. Its revenue fell by 30 per cent to N204.15bn from N292.17bn.

MRS Oil Nigeria Plc made a loss of N1.79bn in 2020, compared to N1.70bn loss in 2019. The company saw its revenue drop to N41.34bn from N64.90bn.

Conoil’s after-tax profit dipped by 22.96 per cent to N1.51bn in 2020 from N1.97bn in 2019, while its revenue fell to N117.46bn from N139.75bn.

Source PUNCH
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