Total Nigeria Plc has reported a loss after tax of N163.22m for the first quarter ended March 31, 2020, as against N474.089m posted in 2019.

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The loss before tax stood at N136.99m from N418.3m posted in 2019. Revenue dropped by nine per cent from N77.422bn in 2019 to N70.241bn.

However, cost of sales stood at N62.486bn in 2020 from N69.286bn in 2019.

Total reported a 70 per cent decline in profit after tax for the full year ended December 31 2019.

The oil firm in a filing with the Nigerian Stock Exchange said it posted a profit after tax of N2.421bn in 2019 as against N7.960bn posted in 2018.

Profit before tax stood at N3.652bn from N12.098bn posted in 2018. Revenue dropped by six per cent from N307.987bn in 2018 to N290.883bn in 2019.

However, cost of sales stood at N257.055bn in 2019 from N273.202bn in 2018.

Shareholders of Total Nigeria Plc had at the company’s 41st Annual General Meeting held in Lagos approved a total dividend of N17 per share worth N5.77bn declared by the company for the financial year ended December 31, 2018.

The oil firm had earlier distributed the sum of N1.02bn as interim dividend, representing N3 per share.

Despite the challenges in the operating environment, the board recommended for approval by shareholders the sum of N4.75bn, representing another N14 to be distributed as final dividend for the year 2018, bringing the total dividend pay-out to N17, valued at N5.77bn and same as what was paid out last year.

Speaking at the AGM, founder of Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, commended the oil and gas company for the performance achieved in 2018 despite challenging operating environment.

He said that the shareholders were happy with the company’s performance, the dividend declared and accessibility despite restricted funds.

Another shareholder, Peter Oluwale, lauded the company for what it was doing despite the harsh operating environment.

Oluwale appealed to the management to continue to raise the stake in return on investment, adding that it had weathered the storm in spite of the challenges faced by the oil companies during the period under review.

Addressing shareholders at the AGM, the Chairman of the company, Mr Stanislas Mittelman, said, “The company has continued to experience sustained pressure on its cash flows due to late payment of subsidies resulting in huge financial expenses (high and unanticipated interest charges).

“All of these add significant costs to doing business; had negative impact on our sales and affected our profitability.”