By Modupe Gbadeyanka
Despite the harsh economic environment it operated last year, one of the leading oil and gas firms in Nigeria, Total Plc, recorded a strong performance.
According to its financial statements for the year ended December 31, 2016, the company posted a profit after tax of N14.797 billion from N4.047 billion it achieved in December 2015.
During the period under review, Total Nigeria Plc said it made a total of N290.952 billion in revenue in contrast to N208.027 billion it recorded in 2015, representing an increase in revenue by 40 percent.
Also, the financial results pointed out that the company’s profit before tax stood at N20.353 billion in 2016, compared with N6.495 billion in 2015, showing 213 percent rise.
However, during the year, Total Nigeria Plc paid N5.555 billion as tax against N2.448 billion it paid in 2015, representing 127 percent rise.
Total Nigeria Plc said, “During the year ended December 31, 2016, the Directors authorized the payment of N10 (2015: N2) per ordinary share of 50k each as interim dividend and hereby recommend to members the payment of a final dividend of N7 (2015: N12) per ordinary share of 50k each.”
However, it noted that, “The dividend is subject to deduction of withholding tax at the rate applicable at the time of payment.”
