By Chinwendu Obienyi
Shareholders of Total Energies Marketing Nigeria Plc, at the weekend, approved a final dividend of N6.18 billion for the financial year ended December 31, 2021.
The dividend represents an N18.20 per share to be distributed as the final dividend for the year. The company had earlier distributed the sum of N1.36 billion as interim dividends, representing N4.00 per share.
Despite operational challenges, the company’s financial result for the year ended December 31, 2021, showed strong growth in earnings as the oil firm’s revenue increased by 67 per cent from N205 billion in 2020 to N341 billion in 2021 while the company’s profit after tax (PAT) increased by 712 per cent from N2.06 billion to N16.8 per cent
Addressing shareholders at the company’s 44th Annual General Meeting, its Chairman, Jean-Phillipe Torres said despite global, national, local and social challenges, the company remained steadfast in its commitment to renewable energies and by the end of 2021, a total of 131 service stations had been solarised, a further 125 stations are planned for solarisation in 2022.
“Over 1.5 million people in Nigeria have benefited from the sale of 400,000 TotalEnergies solar lamps, we also have B2B solar hybrid solutions in Nigeria.
TEMNPLC remains very active in the lubricant market and has continued to grow its market share which by the end of the year stood at 17 per cent. The company commenced installation of its end-of-line automated machines at its blending plants which will be concluded in 2022. It will increase the production output of small-pack lubricants by about 30 per cent”, Torres said.
He further revealed that the restructuring and refinancing of the company’s debt profile using commercial papers contributed to improved liquidity and positive cash flow.
“At the 2020 AGM, our shareholders unanimously gave management the mandate to establish a domestic commercial paper programme of N30 billion, this was implemented in 2020.
The restructuring and refinancing of the company’s debt profile using commercial papers contributed to improved liquidity and positive cash flow. I am pleased to report that the commercial paper issuance was fully repaid from cash reserves in August 2021,” he stated.
Speaking on the outlook of the company, the Chairman expressed optimism that the company’s structure and workforce will enable us to deliver excellent returns to its shareholders in 2022 and beyond.