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Total records 66% lower profits in 2020 due to COVID-19

Total records 66% lower profits in 2020 due to COVID-19

Mubasher: The net profits of France's Total plunged by 66% to $4.059 billion in 2020, compared to $11.828 billion in 2019, according to a press release on Tuesday.

The oil major company's adjusted net operating income from business segments recorded $6.4 billion last year, down 56% from $14.554 billion in 2019.

The adjusted fully diluted earnings per share (EPS) stood at $1.43 in 2020, against $4.38 in the earlier year.

During the fourth quarter (Q4) of 2020, the company's net profits slid by 59% to $1.3 billion, compared to $3.165 billion in the same period of 2019.

The company's board has proposed the distribution of a final dividend of EUR 0.66/share for Q4-20 and the dividend for 2020 at EUR 2.64 per share.

Commenting on the company's performance, Total CEO, Patrick Pouyanne, said: "Total faced two major crises in 2020: the Covid-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter."

Pouyanne remarked: "In this particularly difficult context, the Group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio."