By Dipo Olowookere
Chairman of Total Nigeria Plc, Mr Stanislas Mittelman, says the energy firm intends to take advantage of the projected growth in the Nigerian economy this year to deliver better returns to shareholders.
At the company’s meeting held recently, Mr Mittelman said last year, Total Nigeria recorded many milestones, though the overall performance was adversely affected by the economic recession and its consequent contraction of the downstream market as well as scarcity of Premium Motor Spirit (PMS) due to high landing cost compared to the template.
The Chairman said last year’s performance was also affected by foreign exchange scarcity that hindered importation and high financial costs due to increase in bank lending interest rates.
He pointed out that the company’s lubricants business delivered strong performance in 2017 while the company continued to improve on its credit control management and fixed costs evolution.
Mr Mittelman informed shareholders during the year, Total Nigeria reinforced its leadership in health, safety, environmental protection and quality (HSEQ) by becoming the first petroleum-marketing company to receive the ISO 9001: 2015 and ISO 14001:2015 certifications, adding that the company also recorded no accident during the period.
However, he said Total Nigeria will take advantage of improvement in the nation’s macroeconomic environment to grow its business.
According to him, a stable and conducive business environment in 2018 will provide Total Nigeria with opportunities for growth, investment and consolidation.
“We intend to take advantage of the projected growth the Nigerian economy will offer and deliver value to you our shareholders and other stakeholders,” Mr Mittelman said.
Key extracts of the audited report and accounts of Total Nigeria for the year ended December 31, 2017 showed that turnover dropped marginally from N290.95 billion in 2016 to N288.06 billion in 2017.
Profit before tax dropped by 42 per cent from N20.35 billion in 2016 to N11.8 billion in 2017 while profit after tax declined by 46 per cent from N14.8 billion to N8.02 billion.
Also, earnings per share declined by 46 percent from N43.58 in 2016 to N23.62 in 2017.
However, the company’s shareholders funds improved by 20 per cent from N23.57 billion to N28.23 billion.
At the meeting, shareholders of Total Nigeria Plc approved the payment of N4.75 billion as final cash dividend for the 2017 business year.
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