13 April 2013, Lagos – Total Nigeria Plc has declared a N4.7 billion profit after tax for its operating year ended 2012 financial year, representing an increase of 22.5 per cent, when compared to N3.8 billion recorded in the same period of 2011.
In its full year audited financial reported submitted to the Nigerian Stock Exchange, the company grew its revenue by 25.2 per cent, recording N217.8 billion in 2012 from N173.9 billion in 2011.
Its gross profit appreciated by 16.9 per cent, recording N26.21 billion as against N22.42 billion in 2011.
The company’s profitability was eroded by administrative expenses of N14.31 billion, down by 17.7 per cent from N12.16 billion in 2011 and finance costs of N1.57 billion, representing 79.7 per cent, as against N874.99 million in 2011.
Total’s profit before tax rose by 21.2 per cent, recording N4.67 billion as against N3.81 billion in 2011.
Its balance sheet information showed that its total assets stood at N76.07 billion, increasing by 29.5 per cent, from N58.72 billion in 2011; while its net assets rose by 12.7 per cent to N11.30 billion in 2012 from N10.03 billion in corresponding period of 2011.
Meanwhile, Mobil Oil Nigeria Plc recorded significant decline in its profitability level for its operating year ended December, 31st 2012.
The company’s profit after tax fell by 29.4 per cent, recording N2.88 billion compared to N4.08 billion in corresponding period of 2011.
The company however grew its revenue by 30.11 per cent, recording N80.8 billion in contrast to N62.1 billion in 2011.
Mobil’s gross profit declined by 19.03 per cent, recording N8.21 billion in 2012 from N10.14 billion in 2011, while its profit before tax fell significantly by 32 per cent, recording N4.08 billion in 2012 as against N6 billion in 2011.
*Chinedu Ibeabuchi, Vanguard