TotalEnergies Plc to Share a Total of N8.49 Billion Dividend for 2023 FY

TotalEnergies Marketing Nigeria Plc recently announced that for FY 2023, it will distribute a total of N8.49 billion to its shareholders as a dividend at a rate of N25 per share.

This was stated in the energy firm's audited report filed with the Nigerian Exchange Limited on Tuesday. It proposed the dividend despite a 20% decline in profit to N12.91bn in 2023 from N16.12bn the previous year.

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The company's Chairman, Jean-Phillipe Torres, in his proposed speech at the next Annual General Meeting of the firm, which was included in the audited report, said, 

"2023 was a year like no other. It was a complicated year for your company. It was indeed a year like no other. Despite the difficult terrain, your company increased its turnover by 32% from N482.47bn in 2022 to N635.95bn. This could not have been possible without the patronage of our loyal customers. I would say a BIG thank you for this. Additional gratitude goes to you, our shareholders, the board, management, and staff for this performance in the face of such adversity. However, profit after tax decreased by 20% from N16.12bn to N12.91bn."

Torres added that the scarcity of foreign exchange also impacted its activities, saying, "In 2023, due to the unavailability of foreign exchange, TotalEnergies, like other marketers, did not import PMS.

"NNPC maintained the role of sole importer of PMS, and other marketers and we purchased PMS and AGO from NNPC. During the year, PMS had several outages, which slowed activities in our stations nationwide. AGO & Jet A1 remain fully deregulated, but marketers struggle to access foreign exchange, inhibiting imports. The price of AGO opened the year at N850/L and closed as high as N1,200/L."

TotalEnergies Plc also suffered an N11.501bn net foreign exchange loss in the year under review after enjoying an N71.88m gain in 2022.

Discussing ways to bypass such losses in the ongoing year, Torres expressed the company's intention to continue to deliver top service.

"2024 commenced amidst a further devaluation of the Naira and a very unstable exchange rate, creating a new economic conundrum, but the situation appears to be stabilising. The Federal Government announced eight priorities for 2024: food security, ending banditry, economic growth and job creation, access to capital, inclusivity, fairness, and the rule of law, and an anti-corruption stance alongside an ambitious budget.

"The International Monetary Fund downgraded Nigeria's economic growth projections for 2024 to 3% from an earlier 3.1% forecast. Inflation continues to rise, but notwithstanding the difficulties in our environment, TotalEnergies is filled with audacious hope. For 67 years, we have provided top-tier products and services to our diverse clientele, guided by a steadfast commitment to ethical standards. Our unwavering commitment is that we will continue to invest and deliver top-tier services," he said.

The report also showed that TotalEnergies, the highest revenue generator, continued to receive petroleum products. Meanwhile, revenue from the company's business segment in 2023 was N509.31 billion, more than N362.73 billion in 2022.

TotalEnergies Plc's revenue from lubricants and others also improved to N126.64bn from N119.75bn in the previous year.

About TotalEnergies

TotalEnergies Marketing Nigeria Plc was incorporated in 1956 and went public on the Nigerian Exchange Limited in 1979.

Currently, TotalEnergies S.E., which holds 62% of TotalEnergies Marketing Nigeria Plc, is a publicly traded oil company that produces and markets fuels, natural gas, and electricity.

The company's principal activity is blending lubricants and selling and marketing refined petroleum and solar products.