2020 Q1: Total announces 35% fall in net profit as global oil prices fall

2020 Q1: Total announces 35% fall in net profit as global oil prices fall

- Energy company, Total, has announced a 35% fall in net profit for the First Quarter of 2020

- The net profit fell to $1.8 billion, compared to the $2.8 billion it recorded in 2019's Q1

- Analysts had predicted a net profit of $1.4 billion for the company for 2020 Q1

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Energy giant, Total, has revealed that its net profit for the First Quarter of the year 2020 fell by 35%.

On Tuesday, the company released a statement that showed its 2020 Q1 net profit was $1.8 billion, lower than the $2.8 billion during the same period in 2019.

YEN.com.gh understands that analysts had predicted a net profit of $1.4 billion for the company.

READ ALSO: Total buys Tullow's entire stake in Uganda for $575 million

Information available showed that Total’s board of directors revealed that the Q1 dividend would be 0.66 euros per share.

Per a report by myjoyonline.com, the company proposed an option to receive the 2019 final dividend in cash or in new shares of the company with a discount, subject to approval at the shareholders’ meeting on May 29, 2020.

According to Total’s Chief Executive Officer, Patrick Pouyanne, “the Group is facing exceptional circumstances.”

Information available shows Pouyanne would take a 25% fixed salary pay cut for the remainder of the year 2020.

Total has also laid out plans to cut its emissions with the aim of reaching carbon neutrality from its operations and energy products sold to customers in Europe by 2050.

YEN.com.gh earlier reported that Shell has announced a cut in dividend for the first time since the Second World War.

It also revealed it recorded a 46% fall in its net income to $2.9 billion (£2.3 billion) for the First Quarter of 2020.

The reason for the situation is the outbreak of coronavirus and its impact on businesses all over the world.

READ ALSO: MTN's 2020 Q1 profit increases by 62% to GHC349 million

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Source: YEN.com.gh

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