Total Nigeria PLC in a disclosure signed by its secretary, Bunmi Popoola-Mordi, announced that the oil giant is set to hold its board meeting on Thursday 23rd July, 2020 to consider the Company’s Unaudited Financial Statements for the quarter ended 30th June, 2020.
The disclosure read “This is to notify The Nigerian Stock Exchange and the investing public that the Board of Total Nigeria Plc (the Company) will meet on Thursday 23rd July, 2020 to consider the Company’s Unaudited Financial Statements for the quarter ended 30th June, 2020. Consequently, and in line with the post-listing requirements of The Nigerian Stock Exchange the Company will commence a closed period for trading in the Company’s shares from 9th July, 2020 until 24 hours after the unaudited Accounts for 2020 is released to the public”.
The company has also commenced its closed period and restricting trading of its shares by those considered insider and their relatives/dependents. The company stated that, “No Director, employee, person discharging managerial responsibilities and adviser of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
In Q1’20, Total Nigeria recorded a revenue drop of 9.3% to N70.2 billion compared to Q1 2019. Revenue from Aviation fell by 39.5%. The decline in Networks is attributed to the reduced demand as a result of the enforced lockdown and restriction on travel across the nation.
It is no surprise that the oil Industry has had a particularly tough year, owing primarily to the novel pandemic. The International Energy Agency (IEA) predicts that the global oil demand is expected to further decline this year as Covid-19 spreads around the world, constraining travel as well as other economic activities.
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