Total Nigeria reports 266% gain in profit

Following an impressive performance in revenue and operating profit , Total Oil Nigeria Plc has announced a gain of 266 per cent increase in profit after tax to N14 billion for financial year ended December 31, 2016.
The downstream company had announced N4 billion in profit after tax in its prior year audited result and accounts.
For the 2016 financial year, the management has proposed a final dividend of N7.00, translating into a total dividend of N17.00 (N5.77 billion) expected by shareholders on June 12, 2017.
The company had paid an interim dividend of N10.00 per share for the third quarter ended September 2016.
Total Nigeria profit before tax also gained 213 per cent to N20 billion in 2016 from N6.5 billion, attributable to 52 per cent decline in finance cost that closed the period at N851 million from N1.79 billion in 2015.
The multinational company revenue rose by 39.9 per cent from N208 billion to N290.95 billion in 2016.
Total Nigeria benefited from the hike in Petroleum products in 2016. Petroleum products reported a growth of 38 per cent to N251.99 billion in 2016 from N182.6 billion recorded in 2015 while lubricant sales gained 53 per cent from N25.46 billion to N38.97 billion in 2016.
Other highlights of the petroleum marketing company shows total assets gained 64 per cent to N136.9billion from N83.65 billion.
Furthermore, total equity closed the year at N23.57 billion, 45 per cent increase over N16.4 billion recorded in 2015.
Total’s share price has remained flat at N280.00 per share since on Monday.