The 2012 financials of Total Nigeria plc presented to shareholders at the company’s 35th Annual General Meeting (AGM) held Friday in Lagos are indicative of the board and management commitment to growing shareholders values irrespective of operating challenges.
In its financial year ended December 31, 2012, Total Nigeria plc recorded revenue increase from N173.95billion in 2011 to N217.84billion. Its market share rose to 11.4 percent from 10.3 percent. Profit After Tax (PAT) increased from N3.81billion to N4.67billion (22 percent higher than the preceding year).
Interest expense was N1.57billion and 26 percent higher than 2011 level, a development linked to huge interests on borrowings as a result of unpaid sums under the Petroleum Subsidy Fund and increase in interest rates.
Total Nigeria plc had earlier distributed to its shareholders the sum of N1.02 billion as interim dividend, representing 300kobo per share for the year 2012. Given the improvement in profitability, the board got shareholders approval to pay out N2.72billion representing another 800kobo per share to be distributed as final dividend for the year ended December 31, 2012.
Speaking at the annual general meeting, Momar Nguer, chairman, Total Nigeria plc said: “The payment is in consonance with our commitment to delivering value on shareholder investment. In line with our corporate reputation for early disbursement of shareholders dividends, we are delighted to confirm to you that your dividend will be paid on June 17, 2013.”
Nguer told shareholders of Total Nigeria plc that the company is now one of the major players in the solar energy industry with the acquisition of 66 percent in Sun Power –one of the leading solar energy operators, a company in the United States of America.
“As a responsible corporate citizen, Total Nigeria plc intends to have positive social and environmental impact on the Nigerian society at large by offering clean cutting edge energy solutions of the highest quality. Our solar energy is a more environmentally friendly source of energy. It is renewable, reliable, cleaner and more affordable. In 2012, we commenced remodeling our stations along lines of T-air concept.