NIGERIA: Total Rewards Shareholders with N3.1bn Dividend

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 Shareholders of Total Nigeria Plc will soon start to receive the N9 per share final dividend declared by the company for the financial year ended December 31, 2013.

Total ended the year with a turnover of N238.16 billion compared with N217.84 billion achieved in the corresponding period of 2012.

Profit before tax grew by 14 per cent to N8.12 billion against N7.09 billion declared in 2012, while profit after tax stood at N5.33 billion in contrast with N4.67 billion in 2012.

The directors recommended a dividend of N3.06 billion, translating into N9 per share. The dividend was approved by the shareholders at the 36th annual general meeting (AGM) held in Lagos last Friday.

According to the company, the shareholders will begin to receive the dividend as from today.

Speaking at the AGM, the Chairman of Total, Mr. Momar Nguer, said the company invested over $100 million in its operations in Nigeria in the last three years. The investments, he said, were made in its core business, innovative solutions in greener energies, human capital development and solar solutions.

He explained that the company's solar investment were focused on the provision of energy to lower income segment with the solar lamps, as well as providing solar solution to individuals through home systems.

However, Nguer decried the company's huge financial expenses, which he attributed partly to the delay in the payment of subsidies by the federal government.

He said the company was owed N12 billion as subsidies in 2013 financial year, noting that the financial expenses of the debt represented 10 per cent of its net operating income.

The chairman disclosed that Total was not getting fair share of fuel allocations to serve its numerous customers, saying the company with 12 per cent market share gets about three per cent of the import allocations.

Nguer added that the marketing margin, which is generating the cash flows, has not been reviewed since 2007.

He therefore called for the need for review of the rules and criteria of the import allocations and the marketing margin to ensure transparency, as well as cater for the cost of doing business in the country.

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