Five major oil marketing companies in Nigeria have recorded N331.54 billion revenue drop in the financial year of 2020.
This was amid the impact of the COVID-19 pandemic, which ravaged the global business communities.
The companies, including Total Nigeria Plc and Conoil Plc, saw their combined revenue for the financial year 2020 fell to N768.46 billion from N1.10 trillion in the previous year.
According to the financial statements of the six major oil marketing companies listed on the Nigerian Stock Exchange, 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 N204.72 billion in 2020 from N292.17 billion in the previous year.
Its profit after tax declined to N2.06 billion last year from N2.28 billion 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 N163.91 billion in 2020, down from N191.68 billion in the previous year.
Its profit after tax tumbled to N6.23 billion from N8.88 billion.
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 N41.98 billion from N65.57 billion. The company posted a loss of N2.26 billion last year, compared to N1.61 billion loss in 2019.
Conoil’s revenue dipped by 16 per cent to N117.47 billion in 2020 from N139.76 billion in the previous year, while its after-tax profit fell by 23 per cent to N1.52 billion from N1.97 billion.
The revenue of Ardova Plc, formerly Forte Oil Plc, rose to N181.66 billion last year from N176.55 billion in 2019. Its profit after tax fell to N2.06 billion from N3.92 billion.