Total Nigeria Plc December 2017 Financial Summary

The Company Legal form: 

The Company was incorporated as a private limited liability company in 1956 and was converted to a public company in 1978. The merger of the Company with Elf Oil Nigeria Limited which commenced globally in November 1999 was completed in Nigeria in 2002. With this development, the authorised, issued and fully paid share capital was ₦148,541,000 made up of 297,082,000 ordinary shares of 50k each. In 2003, to mark the completion of its corporate mergers, Total Group worldwide reverted to its former name Total and adopted a new logo with a unifying design to express its corporate ambition.

Accordingly, the Company changed its name from TotalFinaElf Nigeria Plc to Total Nigeria Plc in the same year. With the capitalisation of the bonus issue of 42,440,228 ordinary shares of 50k each in March 2004, the authorised share capital became ₦169,760,918 made up of 339,521,837 ordinary shares of 50k each. 61.72% of the Company's ordinary shares were held by Total Societe Anonyme up until 2013 when a restructuring was concluded and Total Raffinage Marketing became the shareholders of 61.72% of Total Nigeria Plc while the remaining 38.28% are held by some members of the general public.

Total Raffinage Marketing holds 61.72% of the full paid-up ordinary share capital. 

Principal activities

The principal activity of the Company is the blending of lubricants as well as the sales and marketing of refined petroleum products.

Description of business 

Total Nigeria Plc. ("the Company") is a subsidiary of Total Raffinage Marketing ("the Parent Company") in France and operates in the petroleum marketing and distribution business in Nigeria.

12 Months Report TOTAL NIGERIA PLC
	2017 N'000	2016 N'000	change	Year End
Revenue	288,062,650	290,952,520	-1%	December
Profit before taxation	11,795,283	20,353,076	-42%
Profit for the period	8,019,207	14,797,095	-46%
Issued Shares (Units)	339,521,837	339,521,837
Basic Earnings Per Shares (Kobo)	23.62	43.58	-46%
Last total dividend paid (Kobo)	17.00	17.00	0%

Quarter on Quarter Performance

Revenue N'000 

Q1:N80,462,810

Q2:N72,509,637

Q3:N68,225,856

Q4:N66,864,347

PAT N'000

Q1:N2,671,515

Q2:N1,935,090

Q3:N1,349,738

Q4:N2,062,864

The company maintained an average revenue of N72,015,662.5 in 2017 and also maintained an average of N2,004,801.75 in terms Profit after Tax. 

A closer look at the result shows other income increased by 171.58% due to N1,624,000.00 that  the company earned as a reversal and re-measurement of foreign exchange forward contract. 

The company saved money on selling and distribution compared to the same period last year. it saved 42.34% of what was spent last year.

Administrative expenses increased by 15.12%

The company freed up resources compare with last year as her inventory level reduced by 23.6%, trade and other receivables also declined by 32.52%.

Worthy of note is also the Finance income that increased by 846.76% to N2,589,877,000 as a result of N1,866,332,000 subsidy received from the government. Tax expense also decelerated by 32.03% to 3,775,985,000. 

The result shows that the company is making headway in the lubricant sub-sector of the Market. it increased revenue by 21.90% from N38.9b to N47.5b

The market have not responded to the result yet, but we expect activities around in to pick up in the coming week. The Company had shown that they are inclined to pay dividend as long a the environment support such, this is an hallmark of a blue chip company and a toast of High Net-worth Investors.

The Market would weigh its options as regards the benefit and price it accordingly. 

Corporate Action:

Proposed Dividend: N14.00

Qualification Date: 16th March, 2018

Closure Date : 19th -23rd March, 2018

AGM Date : 21st June., 2018

Payment Date 22nd June, 2018

AGM Venue : The Grand Banquet Hall, The Civic Centre, Ozumba Mbadiwe Street , Victoria Island, Lagos