Total Nigeria Plc has recorded a profit after tax of N8.02 billion for its audited year end result for the period ended December 31, 2017.
Also, the company declared a final dividend of N4.75 billion, representing N14 per share for the period, while the management had earlier distributed the sum of N1.02 billion as interim dividends, representing N3 per share, making the dividend declared during of 2017 to N17 per share.
According to the company’s result posted on the Nigerian Stock Exchange (NSE), the profit after tax went down by 45.8 per cent from N14.58 billion in the corresponding period of 2016, leading to earnings per share decline of 45.8 per cent to N23.62.
The revenue for the period stood at N288.06 billion from N290.95 billion in 2016, cost of sales went up to N258.767 billion from N241.85 billion, while gross profit went down from N29.3 billion from N49.1 billion.
The company’s total asset depreciated by N107.98 billion, total liabilities also declined to N79.76 billion, shareholders’ fund grew by 20 per cent to N28.23 billion as against N23.57 billion.
In a statement signed by the chairman of the company, Mr. Stanislas Mittelman said “in 2017, the company’s turnover was stable at N288 billion and delivered a profit after tax of N8 billion representing the second highest result ever in the history of Total Nigeria Plc, in spite of economic recession in the country and its consequent contraction of the downstream market, Scarcity of PMS due to high landing cost compared to the template, among others.
He added that Total’s lubricants business delivered a strong performance and fixed costs evolution was kept below the inflation rate, saying that the credit control management was good as evidenced by a reduction in trade receivable balance compared to the previous year.
On the prospect for the company, Mittelman said “the macroeconomic indices for Nigeria commenced on a good note with the buildup of the excess crude account, a fairly stable exchange rate and a decreasing inflation, which appear that the Nigerian economy is set to expand in 2018.
“With a stable and conducive business environment we envisage that 2018 will provide Total Nigeria with opportunities for growth, investment and consolidation. We intend to take advantage of the projected growth the Nigerian economy will offer and deliver value to you our shareholders and other stakeholders.”
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