Total Nigeria Plc has declared a total dividend of N5.8 billion, translating to N17.00 per share for shareholders in the 2016 and assured improved performance in 2017 ahead of renewed strategies.
This was revealed by the Chairman of Total Nigeria Plc, Mr. Stanislas Mittelman, while addressing shareholders at the 39th Annual General Meeting, AGM, held in Lagos, weekend.
He said the company will re-strategise operations and invest more in the downstream sector in order to continue to maintain the market leadership.
Mittelman noted that “2016 was a year of economic and social challenges. Despite these challenges, the company’s turnover increased by 40 per cent to N291 billion from N208 billion in 2015; profit after tax increased by 266 per cent to N14.8 billion from N4.05 billion in 2015; interest expense was N0.9 billion and 52 per cent lower than the previous year mainly due to a net positive cash position which has arisen as a result of our inability to source dollars.”
According to him, Total Nigeria was able to source dollars during the first half of 2016 from Exploration and Production International Oil Companies, stressing that the Central Bank of Nigeria, CBN had directed that this could no longer continue.
The company will continue to invest in the country as well as other African countries, adding that the emerging markets and developing countries are expected to fare better in 2017.
On 2017 outlook, the chairman said “We expect that 2017 will be a year that will provide Total Nigeria with opportunities to consolidate on our past achievements, re-strategise and reposition in accordance with the new global economic order while delivering value to our shareholders and other stakeholders”.
It was commendation galore from all shareholders who spoke at the meeting AGM for both the Board and Management of the company.
