Total excites investors with N7.00 interim dividend

Total Oil Nigeria Plc has exited its shareholders proposing an interim dividend of N7.00 per share totalling N3.4 billion, on the back of impressive financial performance.

The downstream petroleum marketing company’s profit after rose from N2.77 billion in Q3 2015 to N11.6 billion in Q3 2016.

Profit before tax gained 244 per cent to N17 billion from N4.9 billion, attributable to 59 per cent decline in finance cost that closed the period at N509 million from N1.25 billion in Q3 2015.

Total’s share price in the review period rose from 10.25 per cent to close at N319.72 per share, following a gain of N29.72.

Other highlights of the company shows revenue gaining 38 per cent to N220.2 billion from N159.3 billion. Revenue generated from petroleum products increased by 71 per cent to N191.77 billion from N140.1 billion in Q3 2015 while Lubricants and others rose by 37 per cent to N28 billion as against N19 billion in Q3 2015.

Cost of sales rose by 34 per cent from N140.6 billion to N188 billion to leverage 33.4 per cent increase in gross profit to N32 billion in Q3 2016 as against N18.6 billion in Q3 2015.