Total Nigeria Plc a loss after tax at the end of the first quarter ended March 2020. The first quarter loss after tax, was because the oil and gas firm made N70.24 billion in revenue in March 2020, which was 9 percent lower than N77.42 billion realised same period in 2019.
Revenue was from two major sources-sale of petroleum products, and lubricants and others. In March 2020, Total Nigeria generated N57.18 billion from the sales of petroleum products, 11 percent lower than N64.004 billion it generated from the same product line in similar period in 2019. The continuous decline in petroleum products’ sales was partly attributed to the ban on the sale of petroleum products within certain radius of the Nigerian borders with other countries.
Lubricants and other products earned the firm N13.06 billion in the first quarter that just ended, representing a decline of 2.7 percent when compared with N13.42 billion the firm generated in similar period in 2019.
Gross profit was N7.75 billion for the period as against N8.14 billion in corresponding quarter in 2019. Loss after tax was N163.22 million, which was better than a loss after tax of N474.09 million in 2019. Its share price has shed -7.3 percent year to date to close at N102.8 per share las week.
Meanwhile, the company has announced the appointment of Lucile Badaire as a non-executive director, effective May 13, 2020, a notice signed by Bunmi Popoola-Mordi, company secretary, indicated.
“This is to inform the investing public that Lucile Badaire has been appointed a Non-Executive Director of Total Nigeria Plc with effect from the 13th of May, 2020. Badaire is a graduate of Ecole Normale Supérieure de Paris and is an Engineer of the Corps des Mines. She began her professional career in 2003 and held various positions in French ministries and public administration covering Digital, Market Regulation and Public Policies Reforms. From 2010 to 2012, she was appointed Advisor to the Minister of Industry.
“Badaire joined the Total Group in 2012 as Field Development Manager, on African projects for Total Upstream, based in Paris. In 2014, she was promoted to the position of New Business & Planning Director, based in Abu Dhabi. In 2017 she became Supply, Pricing & Hedging Director (Marketing & Services) based in Paris and in 2020 was appointed Supply & Logistics Director for the Africa division (Marketing & Services)”, Popoola-Mordi said.
