Total Nigeria plc records N3.09 billion pre-tax profits

Total Nigeria Plc has recorded. a marginal increase in its pre-tax profits in the period under consideration, 2020 FY.
It reported pre-tax profits of N3.09 billion in 2020 FY compared to N3.07 billion recorded in 2019 – a 0.72% increase
The company recorded declined revenue from its two generating units – petroleum products and lubricants and others.
Although the company generated less revenue in the period under consideration compared with the corresponding period of 2019, it grew its pre-tax profits by 0.72%.
A cursory look at the results showed that increased finance income, as well as declined finance costs, aided the growth in profits.
Declined costs of sales and selling and distribution expenses in relation to total revenues also contributed to the marginal growth in 2020 FY pre-tax profits. Nairametrics.