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Total Nigeria Plc FY19 Weak Earnings despite asset disposal gains | InfoWARE Finance

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  • Total Nigeria Plc FY19 Weak Earnings despite asset disposal gains | InfoWARE Finance
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Total Nigeria Plc FY19 Weak Earnings despite asset disposal gains
(Source: SAMTL, Date: 30-Jan-2020)

 

 

Total Nigeria Plc FY'19 "" Weak Earnings despite asset disposal gains 

   

·     Total Nigeria Plc released its FY'19 unaudited result which revealed a 69.6% YoY drop in profit after tax to N2.4 billion despite a one-off asset disposal gain of N2.8 billion.

 

·     A 7.4% YoY decline in petroleum products (fuels') revenue masked growth in lubricant sales (+4.1% YoY) in FY'19.

 

·     This translated to a 5.6% YoY reduction in revenue to N290.9 billion.

 

·     The reliance on bank borrowings to finance its operations continues to have a negative impact on the fortunes of Total Nigeria Plc as its financing costs jumped by 193% from N2.86 billion in 2018 to N6.706 billion in 2019.

 

 

 

 

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