Total Nigeria Plc has reported one of its poorest performances in 2017, recording a decline of 21 per cent of total assets, from N136.9 billion to N107.98 billion in 2017.
The company’s profit before tax dropped by 42 per cent to N11.78 billion in 2017 as against N20.35 billion in 2016.
Operating profit dropped by 41.4 per cent to N12.3 billion, from N20.93 billion reported in 2016.
Despite the increase in the price of PMS by the Federal Government, Total Nigeria recorded a marginal decline in revenue that impacted negatively on profits.
The company’s tax income also dropped by 32 per cent to N3.8 billion, from N5.56 billion reported in 2016.
The operational report of the downstream company for 2017 showed a weak performance in revenue. It dropped by one per cent in revenue to N288.06 billion in 2017 from N290.95 billion reported in 2016. This was followed by increased finance cost that eventually dragged the company’s profit downward.
