*Declares N14 per 50 kobo ordinary share dividend
OpeOluwani Akintayo
25 February 2018, Sweetcrude, Lagos — TOTAL Nigeria PLC has recorded a one percent decrease in revenue for the 2017 accounting year and has set the agenda for its upcoming 40th Annual General Meeting to hold on Thursday 21st of June.
In the agenda seen by SweetcrudeReports, the firm disclosed that at the AGM it would lay before members for approval, the financial statements for the year ended 31st December 2017, and receive the reports of the directors, auditors and audit committee.
In a memo/report sent to the Nigerian Stock Exchange, NSE, obtained by SweetcrudeReports, TOTAL had declared a final dividend of N14.00 per 50 kobo ordinary share which it said is subject to appropriate withholding tax.
Upon approval, the dividend will then be paid to shareholders whose names appear in the register of members as at close of business on the 16th of March, 2018.
The register of shareholders will be closed from Monday, 19th March 2018 to Friday, 23rd March 2018.
Dividend to be paid on Friday, 22nd June 2018, electronically.
The re-election and appointment of directors will be another highlight at the AGM.
The directors will then be authorised to fix remuneration of the external auditors.
Members of the audit committee will also be elected.
Under the agenda for “SPECIAL BUSINESS”, Total Nigeria said it would fix the remuneration of the directors and will renew the general mandate for “Related Party Transactions”.
In its 2017 financial annual report obtained by SweetcrudeReports, the company declared a one percent increase in revenue of N288, 062, 650 for 2017 compared to N290, 952, 520 reported in 2016.
Profit for 2017 was put at N8, 019, 297 a 46 percent drop from N14, 797, 095 declared in 2016.
Total dividend for 2017 was pegged at N5,771,872, almost same thing as N5,771, 870 in 2016.
Interim dividend paid for 2017 was N1, 018, 566, lower than N3, 395, 218 in 2016, while the final dividend-proposed for 2017 was N4, 753, 306 compared to N2, 376, 652 for 2016.
This brings its declared dividend to N2, 376, 652 in 2017 compared to N4, 074, 261 in 2016.
The proposed statement to be read by the company’s chairman, Mr. Stanislas Mittelman at the upcoming AGM as seen by SweetcrudeReports, described 2017 as a difficult year as relating to its business environment and performance.
“2017 was an arduous year for your Company and our nation”, the statement read.
However, his statement described the company’s turnover as “stable” at ₦288Billion compared to ₦291Billion in 2016.
The company delivered a profit after tax of ₦8 Billion which it said represented the 2nd highest result ever in the history of Total Nigeria Plc.
