Total Nigeria Plc. aims to achieve N75. 67bn revenue for the fourth quarter of 2020. The Punch reports that the oil firm in its Q4 earnings forecast obtained from the Nigerian Stock Exchange also projected N 66. 24bn as the cost of sales for the period.
Total Nigeria is also targeting to rake in N2. 33bn as profit before tax and N1. 58bn profit after tax during the period.
The company posted a loss after tax of N163. 22m for the first quarter ended March 31, 2020, as against N474. 089 m posted in 2019. Loss before tax stood at N136. 99 m, compared to N 418. 30 m posted in 2019. Revenue dropped by nine per cent from N77. 42bn in 2019 to N 70. 24bn. Cost of sales, however, stood at N 62. 49bn in 2020 from N69. 29bn in 2019.
The oil firm reported a 70 per cent decline in profit after tax for the full year ended December 31 2019.
In a filing with the Nigerian Stock Exchange, Total Nigeria said it posted a profit after tax of N2. 42bn in 2019 as against N7. 96bn posted in 2018. Profit before tax stood at N3. 65bn from N12. 09bn posted in 2018. Revenue dropped by six per cent from N307. 99bn in 2018 to N290. 88bn in 2019. Cost of sales, however, stood at N257. 06bn in 2019 from N273. 20bn in 2018.
At the company’s 41st Annual General Meeting held in Lagos, shareholders of Total Nigeria had, approved a total dividend of N17. 00 per share worth N5. 77bn declared by the company for the financial year ended December 31, 2018.
The oil firm had earlier distributed the sum of N 1. 02bn as interim dividend, representing N3. 00 per share.
However, despite the challenges in the operating environment, the board recommended for approval by shareholders the sum of N4. 75bn, representing another N 14. 00 to be distributed as final dividend for the year 2018, bringing the total dividend payout to N17. 00, valued at N5. 77bn and same as what was paid out last year.