12 June 2015, Lagos – Excited shareholders of Total Nigeria Plc have commended the board and management of the petroleum products marketing firm for the N3.779 billion dividend paid for the 2014 financial year.
The shareholders also other strategic initiatives being undertaken to keep the company on the path of sustainable growth in the years ahead.
The N3.779 billion translates into a total dividend of N11.00 dividend per share.
Speaking at the company’s 37th annual general meeting (AGM), the National Coordinator of Independent Shareholders Association, Sir Sunny Nwosu, noted that based on the company’s financials and other operational fundamentals, the board and management “have demonstrated clearly to shareholders that the future outlook of our company is very bright”
He urged the board to sustain the corporate governance principles that had helped them to improve the performance of the company as the number one player in products marketing business.
Another shareholder, Mrs. Ayodele Kudaisi said the company’s performance indices reflected an entity all shareholders must be proud of in terms of products and services delivery and returns on shareholders investments.
She said the dividend to shareholders remains among the best paid by corporate entities in the financial year, and urged the board to consider the option of bonus issues for the shareholders as a complementary benefit in subsequent years.
In his address to the shareholders, Chairman of Total Nigeria Plc, Mr. Momar Nguer, assured the shareholders of the board’s commitment to improving the performance of the company through proactive strategies, new product development and service delivery efficiency as desirable steps towards improving its shares in the downstream market of the oil and gas industry.
Nguer said despite the inclement operating environment the company’s turnover increased from N238.2 billion in 2013 to N240.6 billion while Profit After Tax, reduced from N5.3 billion to N4.4 billion.
He attributed the dip in profit to interest expense on borrowing occasioned by unpaid sums under the Petroleum Subsidy Fund and sundry taxes amongst other operational costs.
Nguer assured the shareholders that despite the uncertainties in the global and domestic oil market, Total is “constantly seeking new ways to expand its offerings and is implementing strategies to ensure that we remain a brand of reference and leading energy solutions provider”
– This Day