Total Nigeria post N0.5bn loss in H1 2020

By FELIX OLOYEDE

The slowdown in the global economy due to the coronavirus and fall in oil price had an adverse impact on the financial performance of Total Nigeria in the first half of 2020 as it declared an N0.5 billion loss during this period.

The oil downstream operator revenue was lower by 29.3 per cent to N106.7 billion in H1, compared to N150.8 billion it generated in the first six months of last year and other income also dipped by 27.3 per cent to N0.8 billion.

While the cost of sales declined by 29.7 per cent to N94.3 billion, operating expenses were higher by 0.2 per cent to N13.9 billion in H1 2020.

Total Nigeria inventory dropped by 45 per cent to N18.5 billion and trade and receivable increased by 24.4 per cent to N56.5 billion.

Both assets and liabilities of the company declined 5.7 per cent and 4.5 per cent to N125.2 billion and N100.7 billion in H1 2020.

Total Nigeria raked in 0.2 billion as net finance income instead of the N3.7 billion cost it incurred for the same purpose last year as its total borrowings dipped 22.1 per cent to N31 billion.