Fuel Marketing Companies Suffer N331.54bn Revenue Drop

Five of the major oil marketing companies in the country saw their total revenue plunge by N331.54bn last year amid the impact of the COVID-19 pandemic.

The companies, including Total Nigeria Plc and Conoil Plc, saw their combined revenue for the financial year 2020 fell to N768.46bn from N1.10tn in the previous year.

The financial statements of six major oil marketing companies listed on the Nigerian Stock Exchange showed that four of them suffered profit declines, one posted a loss while the remaining one returned to profitability.

Total Nigeria Plc, a subsidiary of a French oil major, Total, saw its revenue drop by 30 per cent N204.72bn in 2020 from N292.17bn in the previous year.

Its profit after tax declined to N2.06bn last year from N2.28bn in 2019.

Total is the only international oil company still operating in the downstream sector of the Nigerian oil and gas industry.

11Plc, formerly known as Mobil Oil Nigeria Plc, generated revenue of N163.91bn in 2020, down from N191.68bn in the previous year.

The United States-based ExxonMobil sold its 60 per cent stake in Mobil Oil Nigeria in 2017 to NIPCO Investment Limited, a wholly-owned subsidiary of Nipco Plc in 2017.

MRS Oil Nigeria Plc saw its revenue plummet to N41.98bn from N65.57bn. The company posted a loss of N2.26bn last year, compared to N1.61bn loss in 2019.

Conoil’s revenue dipped by 16 per cent to N117.47bn in 2020 from N139.76bn in the previous year, while its after-tax profit fell by 23 per cent to N1.52bn from N1.97bn.

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