Total Energies Nigeria Approves N8.49 billion Dividend Amid Economic Challenges
At the 46th Annual General Meeting of Total Energies Marketing Nigeria Plc, held in Lagos on Friday, shareholders unanimously approved a dividend payout of N8.49 billion for the 2023 financial year, equating to N25 per share. This decision was based on the board’s proposal, maintaining the same dividend amount as the previous year.
Jean-Philippe Torres, Chairman of the board of directors, addressed shareholders during the meeting, acknowledging the challenging economic environment that impacted the company’s profitability in 2023 while he highlighted a 32 percent increase in revenue due to inflation, which hovered around 30% during the year.
He said, “The company hired a renewable explorer. He’s visiting different sites to see how to bring up new projects with new energy. His job description is to assess all the possibilities we have, all the possible projects we can find in renewable energy in order to change the energy mix of the company.”
Looking forward, Torres revealed the company’s strategic move towards renewable energy initiatives, having recently hired an expert to explore potential projects in this sector. This move aims to diversify the company’s energy portfolio and adapt to evolving market dynamics.
“In 2023, due to 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 per litre,” he said.
