Shareholders commend Total’s consistency in dividend payment - Total Nigeria Plc AGM (2019)
Shareholders of Total Nigeria Plc have commended the company for its consistency in dividend payment. The shareholders gave the commendation at the company’s 41st Annual General Meeting (AGM) held on Thursday, June 27, 2019 at the Civic Center, Victoria Island Lagos.
Total announced a dividend of N14.00 to all its shareholders at the close of 2018 business year.
The Founding Chairman, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, while speaking at the AGM said it was heart-warming that despite the harsh operating environment, Total had been able to deliver value for its shareholders. He attributed Total’s performance to its entrenched safety culture, innovation and good corporate governance.
Nwosu called on the government to intensify efforts in creating a business and investment-friendly environment to encourage companies like Total to continue to operate profitably. He charged other listed companies on the Nigerian Stock Exchange to emulate the example of Total.
Also speaking, a shareholder, Matthew Akinlade, said it was wrong for government to have dual roles in the downstream market. He said government should not be competing with operators in the downstream sector and at the same time be the regulator. Mr Akinlade said unemployment rate would continue to grow if government continues to muscle power with operators in the downstream.
Addressing the shareholders, the chairman of the company, Stanislas Mittleman said Total had experienced sustained pressure on its cash flow due to late payment of subsidies resulting in huge financial expenses. He said in spite of the difficult terrain, Total’s 2018 results were indicative of the commitment of the board and management to growing shareholder values irrespective of operating challenges.
“The regulatory environment continues to be demanding with the proliferation of taxes across the federal and local levels. Importation of Premium Motor Spirit (PMS) was very difficult as the landing cost was higher than pump price and for most of the year, NNPC assumed the role of sole importer of PMS, importing about 91 percent of the country’s consumption,” he said.
Total’s turnover increased from N288 billion in 2017 to N307 billion at the end of 2018 while profit after tax remained stable at N7.96 billion compared to N8.01 billion in 2017.
Earlier on Wednesday June 26, 2019, Total had hosted its shareholders to a Pre-AGM cocktail at Oriental Hotel Lekki-Epe Expressway, Victoria Island Lagos.