TotalEnergies Shareholders Give Go Ahead To N6.18bn Final Dividend

Total Energies Marketing Nigeria Plc shareholders have authorized a final dividend of N6.18 billion for the fiscal year ending December 31, 2021.

The dividend is N18.20 per share and will be issued as the year’s last dividend. Previously, the firm paid out N1.36 billion in interim dividends or N4.00 per share.

Mr Jean-Phillipe Torres, the company’s Chairman, told shareholders at the 44th Annual General Meeting (AGM) in Lagos that despite global, national, local, and societal issues, the company’s earnings after tax climbed by an extraordinary 712 percent from N2.06 billion to N16.8 billion.

“We remain steadfast in our commitment to renewable energies, and by the end of 2021, a total of 131 service stations had been solarised. A further 125 stations are planned for solarisation in 2022. Over 1.5 million people in Nigeria have benefited from selling 400,000 TotalEnergies solar lamps. We also have B2B solar hybrid solutions in Nigeria.

“TEMPLE remains very active in the lubricant market and has continued to grow its market share which by the end of the year stood at 17per cents. The company commenced installing its end-of-line automated machines at its blending plants, which will be concluded in 2022. It will increase the production output of small-pack lubricants by about 30per cent.

“At the 2020 AGM, our shareholders unanimously gave management the mandate to establish a domestic, commercial paper programme of N30 billion. This was implemented in 2020.

“The restructuring and refinancing of the company’s debt profile using commercial papers contributed to improved liquidity and positive cash flow. I am pleased to report that the commercial paper issuance was fully repaid from cash reserves in August 2021,” Torres said.

Torres said the staff at TotalEnergies remains at the forefront of the company’s success.

According to him, “Our staff are indeed a great asset. Considering the challenges and uncertainties of the economy, we believe that your company performed creditably, and this is a testament to the passion and commitment of its staff.

“I am confident that our structure and workforce will enable us deliver excellent returns to our shareholders in 2022 and beyond.”

He added that TotalEnergies has transformed into a true multi-energy company and is poised to play its role in the energy transition.

“With your support and an enabling environment, 2022 should be a year of sustaining the momentum,” he said.

Despite operational challenges, the company’s financial result for the year ended December 31, 2021, showed strong growth in earnings as the oil firm’s profit increased by 717per cent from N2.06billion in 2020 to N16.86 billion in 2021.

The result shows continued headline growth and resilience across all financial indicators amidst macroeconomic headwinds during the year under review.

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