TotalEnergies Marketing shareholders approve N8.49bn dividend

Date:

June 18, 2024.

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Azonuchechi Chukwu.

Shareholders of TotalEnergies Marketing Nigeria Plc have approved the proposed final dividend of N8.49 billion, amounting to N25.00 per share, for the financial year ended December 31, 2023.

They gave the approval at the company’s 46th Annual General Meeting, AGM, in Lagos and commended the Board and management for its consistency in dividend payout.

Addressing shareholders at the meeting, Jean-Phillipe Torres, Chairman, TotalEnergies Marketing Nigeria, noted that despite the challenging operating environment in the year, TotalEnergies remained consistent in delivering return on investments to shareholders.

“2023 was a very specially difficult and challenging year but we are paying a dividend of N25. The company places a high premium on its esteemed and valued shareholders and therefore ensures good returns on their investments each year.

“We also keep in mind that to continue to offer these returns, the business has to remain profitable,” Torres said.

According to him, the effects of the country’s security challenge, the naira redesign policy, removal of fuel subsidies, Naira floatation and inflation, among other economic policies, affected companies’ overall operations and turnover.

He, however, stated that despite the myriad of challenges, the company posted good results with its turnover increasing by 32 percent to N635.95 billion in 2023 from N482.47 billion in 2022.

He revealed that in 2023, TotalEnergies like other marketers did not import PMS within the year due to the unavailability of foreign exchange, while explaining that the Nigerian National Petroleum Corporation, NNPC, maintained the role of sole importer of PMS, while 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.

While noting that the frequent fluctuations in the official exchange rate negatively impacted lubricant margins, he said that TotalEnergies continued to grow its lubricants’ market share as it rose to 16 percent.

He added that the company has a positively eventful year in its lubricant business with the launch of several products designed for hybrid vehicles and to improve fuel consumption and engine life.”(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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