Rabat – Total Maroc recorded a turnover of MAD 12.3 billion ($1.28 billion) for the 2019 financial year compared to MAD 12.48 billion ($1.3 billion) in 2018, according to data published by the company.
The volumes sold by the company reached 1771 kilotons, an 8% drop compared to the previous financial year.
“Turnover does not represent a relevant indicator for the analysis of the performance of the petroleum sector because it is dependent on variations in the prices of petroleum products on international markets,” noted the company.
Total Maroc’s net financial debt amounted to MAD -364 million ($37.9 million) at the end of December 2019. The amount in 2018 for the same period was MAD -484 million ($50.4 million).
The impact of the new International Financial Reporting Standard (IFRS) 16 that went into force on January 1, 2019 was taken into account for the latest financial year.
Total Maroc is a subsidiary of the French multinational oil and gas company Total.
The company opened 13 new service stations in 2019 and has a total of 330 points of sale in Morocco.
Total Maroc has been present in the country for more than 90 years and is a major player in the petroleum products market.
It has an estimated market share of 15% and is the third largest actor in distributing petroleum products and services in the country. Total Maroc employs 600 people directly and 5000 indirectly.
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