2023 financial year: TotalEnergies shareholders approves N8.39bn dividend
… As energy firm navigate tough year, eyes brighter future
By Opeyemi Abdulsalam
Shareholders of TotalEnergies Marketing Nigeria Plc has approved a total of N8.49 billion final dividend for the financial year that ended on December 31, 2023.
The approval was given at the 46th Annual General Meeting(AGM) of the energy firm held in Lagos.
The proposed dividend was put forth by the company’s Board of Directors and received unanimous approval from the shareholders.
TotalEnergies Marketing Nigeria Plc is a marketing and services division of TotalEnergies, a global energy corporation with operations in more than 130 countries that is dedicated to offering its clients sustainable goods and services.
Mr Jean-Phillipe Torres, Chairman, Board of Directors, TotalEnergies Marketing Nigeria, in his address said that the sum represented N25.00 per share, subject to the deduction of appropriate withholding taxes at the time of payment.
Regarding the business’s financial results, Torres said that despite the challenging environment, TotalEnergies Marketing grew its revenue by 32%, from N482.47 billion in 2022 to N635.95 billion in 2023.
He stated that this was made possible by the company’s devoted clientele, the dedication of its board, management, and employees, and the support of its investors in the face of such hardship.
However, he claims that the company’s Profit After Tax (PAT) dropped from N16.12 billion in 2022 to N12.91 billion in 2023, a 20 percent decline.
Torres said: “2023 was a year like no other. It was an extremely complicated and difficult year for your company.
He said that the country’s security issues, the Naira redesign strategy, the removal of fuel subsidies and the Naira’s floating, inflation, and other economic policies had an impact on businesses’ overall operations and turnover.
The chairman disclosed that, like other marketers, TotalEnergies did not import PMS in 2023 because foreign exchange was not readily available.
Torres explained that NNPC maintained the role of sole importer of PMS and TotalEnergies 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 and 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 per litre and closed as high as N1,200 per litre,” he said.
On the company’s future outlook, Torres assured that TotalEnergies remained hopeful and would continue to invest and deliver top tier services.
The board chairman emphasised the company’s 67-year legacy of providing high-quality products and services, guided by strong ethical standards.
