• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Total Nigeria reports net profit growth of over 1000% in Q2 2021

4 years ago
in Business, Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
113
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Total Nigeria reports net profit growth of over 1000% in Q2 2021

TOTAL Nigeria Plc, a multinational oil and gas company, has recorded a whopping 1,601% growth in net profit, from a loss of N537 million naira in the corresponding quarter of 2020 to N8.07 billion in the current period.

In the same period, the company recorded an increase of 105.65% in gross profit, from N12.40 billion to N25.50 billion in the current period, despite the 33.44% increase in cost of sales.

Why the impressive growth?

Despite the losses recorded in the corresponding quarter of 2020, the company has been able to deliver this impressive result that can be attributed to economic recovery following the strong setback in 2020 during the heat of the pandemic, which saw economies and organizations experience recession and records major losses or zero to no profit, thanks to the abrupt interruption in economic activities.

As a result of restricted movements in most countries, we saw the demand and consumption of oil and gas products dwindle significantly; hence, global oil prices suffered depression to as low as $37.63 per barrel.

The persistent fall in international oil and gas prices was due to the sharp decline in global oil and gas consumption, as major production and manufacturing activities in the major industrial capital of the world had been grounded to a halt in the wake of the coronavirus pandemic.

As a company that operates in the downstream sector of the oil and gas industry and is primarily engaged in the marketing and distribution of refined petroleum products, Total Nigeria Plc also felt the full impact of the pandemic even as movements were seriously restricted.

RelatedPosts

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

Read This: Reaching net zero emissions

Comparisons

Seplat Energy Plc, a company in the same industry, reported a profit after tax of N9.45 billion in Q1 2021, reflecting a growth of 127.29% from a loss of N34.63 billion. The company has grown its share price by more than 90% year-to-date, and currently trades at N770.00.

Ardova Plc, another company in the oil and gas sector, also recorded a marginal growth of 1% in the first quarter of 2021, while its share price has appreciated by 10.70% year-to-date.

As economies begin to open up and embrace increasing business activities, and with the easing of restriction on movements, allowing for businesses to commence full operations, companies are beginning to recover and record improved sales, which is the case of Total Nigeria Plc in its second quarter result.

Latest on Total Nigeria Plc

In March 2021, the company advocated for the adoption of holistic measures to audit the product distribution value-chain, with a view to encouraging the adoption of safe and tested practices and ensure safe transportation of petroleum products in the country.

Read More: Must the Minister of Health destroy jobs and set digitisation back?

The company stated that it had conducted truck driver trainings and truck audits at its training facility in Oyo State between 2017 and 2020, and that the effort had resulted in no fatalities and severe accidents amongst the company’s drivers, which was the aim of the trainings – to eliminate road safety hazards associated with trucking petroleum products.

What you should know
  • The company’s share price, year-to-date, has not performed badly as well, as we have seen a growth of 29.23% from N130.00 to N168.00 as at the time of writing this report.
  • Total Nigeria Plc has a market capitalization of N57.04 billion with outstanding shares of 339,521,837 units. The oil and gas company recorded growth in Total Assets of 30.14% from N143.61 billion to N186.90 billion year-to-date.
  • The company has approved a total of N1.36 billion be paid to shareholders as dividend payment, representing N4.00 per ordinary share for 339,521,837 units on the 13th of September, 2021

Source: nairametrics
Via: norvanreports
Tags: Global oil pricesmarket capitalization of N57.04 billionSeplat Energy Plcsharp decline in global oil and gas consumptionTotal Nigeria reports net profit growth of over 1000% in Q2 2021
No Result
View All Result

Highlights

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

BoG Designates Digital Credit Services as Non-Bank Financial Service

Trending

Features

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Ghana Warns of Rising Google Maps Brand Impersonation Scams The Cyber Security Authority (CSA) has issued a...

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

August 30, 2025

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

August 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.