Shareholders approve Total Energies’ N6.2 billion naira dividend proposal – The Sun Nigeria
By Chinwendu Obienyi
Shareholders of Total Energies Marketing Nigeria Plc this weekend approved a final dividend of N6.18 billion for the financial year ending December 31, 2021.
The dividend represents N18.20 per share to be distributed as the final dividend for the year. The company had previously distributed the sum of N1.36 billion in the form of interim dividends, representing N4.00 per share.
Despite operational challenges, the company’s financial result for the year ended December 31, 2021 showed strong profit growth as the oil company’s revenue increased by 67% from N205 billion in 2020 to N341. billion naira in 2021, while the company’s profit after tax (PAT) increased by 712% from 2.06 billion naira to 16.8% naira
Addressing shareholders at the company’s 44th Annual General Meeting, its chairman, Jean-Philippe Torres, said that despite global, national, local and social challenges, the company has remained true to its commitment to sustainable energies. renewables and by the end of 2021, a total of 131 service stations had been solarized, another 125 stations are planned for solarization in 2022.
“Over 1.5 million people in Nigeria have benefited from the sale of 400,000 TotalEnergies solar lamps, we also have B2B solar hybrid solutions in Nigeria.
TEMNPLC remains very active in the lubricants market and has continued to increase its market share, which at the end of the year stood at 17%. The company has begun installing its automated end-of-line machines at its blending plants which will be completed in 2022. This will increase the production of small packaged lubricants by approximately 30%,” Torres said.
He further disclosed that the restructuring and refinancing of the company’s debt profile using commercial paper has helped improve liquidity and generate positive cash flow.
“At the 2020 Annual General Meeting, our shareholders unanimously gave management a mandate to establish a N30 billion domestic commercial paper program, which was implemented in 2020.
The restructuring and refinancing of the company’s debt profile using commercial paper has helped improve liquidity and generate positive cash flow. I am pleased to report that the commercial paper issue was fully repaid from cash reserves in August 2021,” he said.
Speaking on the company’s outlook, the chairman said he is optimistic that the company’s structure and workforce will allow us to deliver excellent returns to its shareholders in 2022 and beyond.