TotalEnergies Marketing Nigeria Plc has stated that it will be paying N8.49bn as a dividend at N25 per share to its shareholders for the 2023 financial year.
According to the audited report of the energy firm filed with the Nigerian Exchange Limited on Tuesday, it proposed the dividend despite a 20 per cent decline in its profit to N12.91bn in 2023 from N16.12bn in the previous year.
The Chairman of the company, Jean-Phillipe Torres, in his proposed speech at the next Annual General Meeting of the firm, which was included in the audited report, said, “2023 was a year like no other. It was an extremely complicated and difficult year for your company. It was indeed a year like no other. In spite of the difficult terrain, your company increased its turnover by 32 per cent from N482.47bn in 2022 to N635.95bn. This could not have been possible without the patronage of our loyal customers, for this, I say a BIG thank you. Additional gratitude to you, our shareholders, the board, management and staff for this performance in the face of such adversity. However, profit after tax decreased by 20 per cent from N16.12bn to N12.91bn.”
Torres added that the scarcity of foreign exchange also impacted its activities, saying, “In 2023, due to the unavailability of foreign exchange, TotalEnergies like other marketers, did not import PMS.
“NNPC maintained the role of sole importer of PMS and we and other marketers purchased PMS and AGO from NNPC. During the year, there were several outages of PMS which slowed activities in our stations across the country. AGO & Jet A1 remain fully deregulated but access to foreign exchange by marketers continues to be a challenge, inhibiting imports. The price of AGO opened the year at N850/L and closed as high as N1,200/L.”
TotalEnergies suffered an N11.501bn net foreign exchange loss in the year under review after enjoying a N71.88m gain in 2022
On the outlook for the ongoing year, Torres expressed the company’s desire to continue to deliver top service.
“2024 commenced amidst a further devaluation of the Naira and a very unstable exchange rate, creating a new kind of economic conundrum but it would appear that the situation is stabilising. The Federal Government announced eight priorities for 2024 – food security, ending banditry, economic growth and job creation, access to capital, inclusivity, fairness and rule of law, anti-corruption stance alongside an ambitious budget.
“The International Monetary Fund downgraded Nigeria’s economic growth projections for 2024 to 3 per cent from an earlier 3.1 per cent forecast. Inflation continues to rise, but notwithstanding the difficulties in our environment, TotalEnergies is filled with audacious hope. For 67 years, we have provided top-tier products and services to our diverse clientele, guided by a steadfast commitment to ethical standards. Our commitment is unwavering – we will continue to invest and deliver top-tier services,” he said.
Notes accompanying the report showed that petroleum products continued to earn TotalEnergies, the highest revenue.
For 2023, revenue from that segment of its business was N509.31bn, higher than N362.73bn in 2022.
Revenue from lubricants and others though lower, also improved to N126.64bn from N119.75bn in the previous year.
TotalEnergies Marketing Nigeria Plc was incorporated in 1956 and was listed on the Nigerian Exchange Limited in 1979.
TotalEnergies S.E. which holds 62 per cent of TotalEnergies Marketing Nigeria Plc is a publicly-traded oil company that produces and markets fuels, natural gas and electricity.
The principal activity of the company is the blending of lubricants, sales and marketing of refined petroleum products and solar products.