Total announces 35% drop in profit due to record-low global oil price

Total announces 35% drop in profit due to record-low global oil price

- Energy company, Total, has announced a 35% fall in nett profit for the first quarter of 2020

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

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

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Energy giant, Total, has revealed that its nett profit for the first quarter of 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.

Briefly.co.za understands that analysts had predicted a profit of $1.4 billion for the company.

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

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As 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 29 May.

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 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.

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Source: Briefly.co.za

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