Total Gets Investors Approval For N4.75b Final Dividend
Shareholders of Total Nigeria Plc has approved a final dividend of N4.75 billion proposed for the financial year ended December 31, 2017, even as they expressed confidence in the company’s adherence to corporate governance principles.
Total had earlier distributed the sum of N1.02 billion as interim dividends, representing N3 per share with N14 as final dividend for the year 2017, making a total dividend paid for the year N17 per share.The shareholders at the 40th yearly general meeting of the company in Lagos, last week, stated that the company maintained its dividend payment despite drop in profitability and marginal increase in revenue.
They commended the management for the result recorded during the year under review, urging them to consolidate on the performance going forward.The Chairman of the company, Stanislas Mittelman, explained that 2017 was an arduous year for the company, as its turnover was stable at N288 billion compared to N291 billion in 2016, while it achieved a profit after tax of N8 billion, representing the second highest result ever in the history of Total Nigeria operations.
He pointed out that the lubricants business delivered a strong performance, while the fixed costs evolution was kept below inflation rate, noting that in 2017, the price of PLATT was high, making importation of PMS difficult as the landing cost was higher than pump price, lamenting that the capacity of oil traders to import products was greatly diminished.“For most of 2017, NNPC assumed the role of sole importer of PMS. This led to supply challenges and of course, PMS shortages, notwithstanding that pump price remains at N145 per litre throughout 2017.
“Since June 2016, it has not been possible to directly buy dollars for the importation of AGO and ATK. In September there was an explosion at the NNPC Apapa jetty which made it impossible for major marketers to receive products in Apapa for the rest of the year, as all these factors greatly affected the company’s ability to do business,” he said.He added that in the Aviation, the company added two new servicers into the fleet of re-fuelling equipment to improve efficiency and customer satisfaction, adding that the company signed new contracts with major Aviation counterparts and at the end of 2017, it had 562 stations
“We increased our market share in lubricants from 26 per cent in 2016 to 28 per cent in 2017. We also increased the lubricants production capacity by 33 per cent with the addition of two High Speed Filling Machines in Delta State and Lagos State as well as carried out solarisation of the Lagos blending plant and developed power purchase offers for industrial use,” he said.
On the outlook for 2018, Mittelman said with a stable and conducive business environment, we envisage that the year will provide Total Nigeria with opportunities for growth, investment and consolidation.“We intend to take advantage of the projected growth the Nigerian economy will offer and deliver value to the shareholders and other stakeholders,” he added.