Shareholders of TotalEnergies Marketing Nigeria Plc have approved N8.49 billion dividend payout for 2022 financial year which translated to N25 per ordinary share for shareholders.
The shareholders gave the approval at the company’s 45th Annual General Meeting (AGM) held on Thursday in Lagos while approving all resolutions.
The shareholders of the company commended the Board and management for impressive results.
The company, despite inflationary pressure, recorded N141.12 billion or 41 percent increase in 2022 turnover to close at N482.47 billion when compared with N341.35 billion recorded during the corresponding period of 2021.
However, Profit After Tax (PAT) decreased by four percent from N16.86 billion to N16.11 billion due to rising costs.
They also congratulated Mrs Bunmi Popoola- Mordi, former Company Secretary of Totalenergies for being appointed as an Executive Director, which took effect from April 1.
Speaking at the AGM, the Chairman of the company, Mr Jean-Phillipe Torres, said in the 2022 financial year, the environment was replete with incidents of insecurity, gunmen attacks and insurgency and banditry across the nation.
According to him, the development was a huge challenge in the country.
Torres said that the negative effect of inflation had been far-reaching, as the company saw prices rise exponentially across food, goods and services, while inflation surged dramatically month on month.
“By December, inflation had risen to 21.34 percent year-on-year and the Consumer Price Index (CPI) had increased to 18.85 percent year-on-year. The Naira continued on a downward spiral.
“The Russia-Ukraine war which began in February 2022 had far-reaching implications well beyond security, the borders of the two countries and several continents.
“Nigeria was not exempted from the impact of the war as there were significant increases in wheat and energy prices in the country.
“The price of bread and some other wheat-related products increased by as much as 100 percent. Coupled with supply chain challenges AGO opened the year at N350 per litre and close at N850.
“On the local aviation market, we saw airfares double in response to inflation and rising costs of aviation fuel,” he added.
He, however, reiterated the company’s ambition to become a responsible energy major and a world-class player in sustainable energy, saying that “this is what we will continue to focus our efforts on”.