Total Oil exits red zone to post N8bn profit in six months
Total Oil Plc has posted a profit after tax of N8.065 billion for the six months ended June, 30, 2021.
The profit was as sharp flip as against a loss after tax of N537.180 million posted in 2020. Similarly, profit before tax stood at N11.778 billion from a loss of N796.920 million posted in 2020.
Revenue rose by 42 per cent from N106.704 billion in 2020 to N151.333 billion in 2021. However, cost of sales stood at N125.829 billion in 2021 from N94.304 billion in 2020.
According to the unaudited account statement at the board of directors meeting held on July 19, 2021, an interim dividend of N4.00 was declared for the period ended 30th June, 2021.
The Chairman of the company, Mr. Stanislas Mittelman, in a statement to shareholders, said the world was slowly picking up the pieces from the ravages of COVID- 19 and it is expected that economic recovery across the globe will be tied to solutions around the pandemic.
“For Africa, as the African Continental Free Trade Area agreement aims to create a single market for goods and services across the continent (as non-tariff barriers to trade are eliminated and free movement of persons within the region is guaranteed) there is the potential to accelerate economic growth in the continent in the coming years but the impact of COVID-19 will linger for some time.
“As the responsible energy major, Total’s new ambition is to achieve net zero emissions by 2050, together with the Society. Leading a transition to cleaner energy is a standard we are quite proud to bear.
“This is in consonance with the Federal Government of Nigeria’s National Gas Expansion Programme. “Going forward, the Federal Government has announced that Compressed Natural Gas, Liquefied Petroleum Gas and Liquefied Natural Gas are expected be the fuel of choice for many government-owned cars.”