Shareholders of TotalEnergies approve N8.49bn dividend payout for 2022 financial year
Yusuf Yunus
Shareholders of TotalEnergies Marketing Nigeria Plc have unanimously approved N8.49 billion dividend payout for 2022 financial year.
The sharholdees gave the approval at the company’s 45th Annual General Meeting (AGM) held on Thursday in Lagos, while approving all resolutions.
It said that the figure translated to N25 per ordinary share for shareholders.
The shareholders of the company commended the Board and management for an impressive results which showed that the turnover increased by 41 per cent.
They also congratulated Mrs Bunmi Popoola- Mordi,for being appointed as the Executive Director of the company which effective from April 1, they wish her fruitful tenure in the office
Despite inflationary pressure, In 2022 financial year, the company increased her turnover by 41 per cent from N341 billion in 2021 to N482 billion in 2022.
However, due to rising costs Profit After Tax (PAT) decreased by four per cent from N16.8 billion to N16.1 billion
Speaking at the AGM, the Chairman of Totalenergies Marketing Nigeria, Mr Jean-Phillipe Torres, said in 2022 financial year, the environment was replete with incidents of insecurity, gunmen attacked and insurgency and banditry across the nation.
According to him, the development was a huge challenge in the country.
Torres said that the negative effect of inflation had been far-reaching, as the company saw prices rise exponentially across food, goods and services, while inflation surged dramatically month on month.
“By December, inflation had risen to 21.34 per cent year-on-year and the Consumer Price Index (CPI) had increased to 18.85 per cent year-on-year. The Naira continued on a downward spiral.
“The Russia Ukraine war which began in February 2022 had reaching implications well beyond security, the borders of the two countries and several continents.
“Nigeria was not exempted from the impact of the war as there were significant increases in wheat and energy prices in the country.
“The price of bread and some other wheat-related products increased by as much as 100 per cent. Coupled with supply chain challenges AGO opened the year at N350 per litre and close at N850.
“On the local aviation market, we saw air fares double in response to inflation and rising costs of aviation fuel,” he added.
He, however, reiterated the company’s ambition to become the responsible energy major and a world class player in sustainable energy, saying that “this what we will continue to focus our efforts”.
