Total Nigeria Shareholders Authorised N4.75 Billion Dividend Payment

Must Read

LSPWC begins rehabilitation work on LASU-Iba road intersection with Lagos Badagry Expressway (Photos)

Lagos State Public Works Corporation (LSPWC) begins rehabilitation work on LASU-Iba road intersection with Lagos Badagry Expressway. This rehabilitation work...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
- Advertisement -
- Advertisement -

Total Nigeria Plc shareholders on Thursday collectively approved the disbursement of N4.75 billion terminal dividend urged by the organisation for the financial year ended Dec. 31, 2018.

It was reported that the shareholders gave the endorsement at the organisation’s 41st Annual General Meeting (AGM) held in Lagos.

The dividend interpreted to N14 per share subject to the deduction of appropriate withholding tax.

NAN reports that the company had earlier distributed the sum of N1.02 billion as interim dividends, representing N3 per share.

Speaking at the meeting, Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria, commended the company for consistent and enhanced dividend in spite of unfriendly operating environment.

Nwosu said that the company had paid a regular dividend in spite of a proliferation of taxes, late payment of subsidy and high cost of operation.

He, however, called for full deregulation of the downstream sector to boost employment rate as well shareholders return on investment.

The shareholder activist said that the government should deregulate the sector and allow operators to compete favourably.

Read:  Etisalat launches 4G LTE in Port Harcourt

Nwosu said that government interference in the sector was affecting shareholders return on investment.

He said that the government should consider the shareholders who always expect increased dividend at the end of every financial year.

Also speaking, Mr Matthew Akinlade, a shareholder, said that government as a regulator should not be competing with operators in the downstream sector.

Akinlade said that the unemployment rate would continue to grow if the government continues to muscle power with operators in the downstream.

Responding, Mr Stanislas Mittelman, Total Nigeria Chairman, described 2018 as a challenging year for the company, downstream petroleum sector and the country at large.

Read:  Zedvance Launches Back-to-School Campaign

Mittelman said that some of the key challenges were security issues, delayed payment under the Petroleum Support Fund scheme, high cost of investment, reduced capital inflows and weakening crude oil prices.

He said that the company had continued to experience sustained pressure on its cash flow due to late payment of subsidies resulting in huge financial expenses.

“All of these add significant costs to doing business, had a negative impact on our sales and affected our profitability,’’ he said.

Read:  Total Nigeria Plc introduces solar energy solutions

The chairman said that the company had entered into a storage arrangement in Lagos area which would allow it to capture opportunities in line with its import and logistics optimisation strategy.

“We signed a 15-year power purchase agreement with a manufacturing company in Ogun State to provide a 999kWp solar hybrid solution,’’ he added.

Mittelman said that the company would continue to strengthen its solar business to boost profit as well as increase dividends paid to shareholders.

He noted that 55 stations were now powered by solar energy, with a combined capacity of 1MW, adding that it produced more than one-gigawatt hour of clean electricity.

The chairman assured that the company consolidate on its past achievements and deliver value to shareholders and other stakeholders.

NAN reports that the company’s turnover increased to N307 billion in contrast with N288 billion in the corresponding period of 2017.

Profit after tax stood at N7.96 billion against N8.01 billion in the corresponding period of 2017.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

LASG goes tough on illegal Waterfront Land Reclamation, arrests fourteen (Photos)

The Lagos State Government has arrested 14 illegal sand dredgers on the shoreline of Ikoyi-Lekki axis at Banana Island...

Unilever Nigeria records 34% decline in Revenue in 2019 Unaudited Result

Unilever Nigeria Plc published its Full-year (FY) 2019 earnings report indicating a loss of N4.22 billion vs N10.15 billion profit in the corresponding period...

LSPWC begins rehabilitation work on LASU-Iba road intersection with Lagos Badagry Expressway (Photos)

Lagos State Public Works Corporation (LSPWC) begins rehabilitation work on LASU-Iba road intersection with Lagos Badagry Expressway. This rehabilitation work is expected to end Wednesday...

NIPR Fellows Pays Tribute To Chief Alex Akinyele

Professionals in the Marketing Communications Industry on Thursday, 23rd of January 2020, paid their last respect to the late Chief Alexander Opeyemi Akinyele, at...

More Articles Like This