Total Nigeria Plc has been commended for its steady performance despite the challenges in the oil and gas sector.The Shareholders of the company gave the commendation at the annual general meeting held in Lagos.
The commendation came as shareholders of Total Nigeria Plc received N4.75 billion in final cash dividend for the 2017 business year, after they voted unanimously at the Agm to approve the dividend recommendation by the board of the downstream oil company.
According to National President, Constance Shareholders Association of Nigeria, Mr. Shehu Mikail, said the performance of Total Nigeria when compared against other operators in the sector showed the resilience of the company.While former General Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr. Adebayo Adeleke, urged the company to improve on its performance
Chairman, Total Nigeria Plc, Mr Stanislas Mittelman, said the final dividend of N4.75 billion would be paid to shareholders in line with the corporate reputation of the petroleum-marketing company for early disbursement of shareholders’ dividends.
He noted that while Total Nigeria recorded many milestones in 2017, the company’s overall performance was adversely affected by the economic recession and its consequent contraction of the downstream market as well as scarcity of Premium Motor Spirit (PMS) due to high landing cost compared to the template.
He added that the performance in 2017 was also affected by foreign exchange scarcity that hindered importation and high financial costs due to increase in bank lending interest rates.He pointed out that the company’s lubricants business delivered strong performance in 2017 while the company continued to improve on its credit control management and fixed costs evolution.
He noted that Total Nigeria reinforced its leadership in health, safety, environmental protection and quality (HSEQ) in 2017 by becoming the first petroleum-marketing company to receive the ISO 9001: 2015 and ISO 14001:2015 certifications, adding that the company also recorded no accident during the period.
.Key extracts of the audited report and accounts of Total Nigeria for the year ended December 31, 2017 showed that turnover dropped marginally from N290.95 billion in 2016 to N288.06 billion in 2017. Profit before tax dropped by 42 per cent from N20.35 billion in 2016 to N11.8 billion in 2017 while profit after tax declined by 46 per cent from N14.8 billion to N8.02 billion. Earnings per share also declined by 46 per cent from N43.58 in 2016 to N23.62 in 2017. However, the company’s shareholders funds improved by 20 per cent from N23.57 billion to N28.23 billion.
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