Total Nigeria Plc has reported a profit after tax of N2.7 billion for the first quarter ended 31st March 2017. This represents a 5 percent decrease over N2.8 billion reported in March 2016.
Total’s Q1 results submitted to the Nigerian Stock Exchange (NSE) on Wednesday, showed a revenue growth of 35 percent to N80.5 billion from N59.7 billion in March 2016.
Revenue growth was strengthened by a 62.5 percent year-on-year increase in the sales of ‘lubricants and others’.
Finance income from interest made on unclaimed dividends and deposits increased by 96 percent y/y to N172.6 million, while finance cost rose to N213 million from N165.8 million.
The company thus declared Profit before tax increase of 11 percent to N4.3 billion from N3.8 billion.
Meanwhile, total expenses that stood at N56.0 billion as at March 2016 increased 37 percent to N76.7 billion in March 2017, while increased tax of N1.6 billion eroded profits.
Basic earnings per share consequently fell to N7.87 from N8.32 per share
The company’s balance sheet showed that Total Assets rose 10 percent to N150.4 billion from N136.9 billion while shareholders’ funds increased to N26.2 billion from N23.6 billion recorded in December 2016.
The Company is saddled with the activities of blending lubricants as well as the sales and marketing of refined Petroleum products.