Total Nigeria Rewards Shareholders with N4.8b Dividend Despite Weak Results

Image

By Modupe Gbadeyanka

Despite recording shortfall in its financial statements for the full year 2017, the board of Total Nigeria Plc has announced the payment of dividend to its shareholders.

The oil giant, in its earnings details released to the Nigerian Stock Exchange (NSE) last week, disclosed that it would pay a total of N4.75 billion to its shareholders, representing N14 per 50 kobo ordinary share subject to appropriate withholding tax.

The board of Total Nigeria further said the approval of the dividend would be paid to shareholders whose names appear in the Register of Members as at the close of business on March 16, 2018.

A look into the company’s financial statements for the year ended December 31, 2017, showed that its revenue for the period went down to N288.06 billion from N290.95 billion in 2016, while its cost of sales went up to N258.767 billion from N241.85 billion in the corresponding period of 2016.

Furthermore, the firm’s total asset depreciated by N107.98 billion, while total liabilities also declined to N79.76 billion, with the shareholders’ fund growing by 20 percent to N28.23 billion as against N23.57 billion.

In addition, Total Nigeria recorded a shortfall in its gross profit, which declined to N29.3 billion from N49.1 billion.

Also, its profit before tax went down to N11.80 billion in the period under review from N20.35 billion, while the profit after tax depreciated to N8.02 billion from N14.80 billion.

This led the earnings per share of the company to go down by 45.8 percent to N23.62 in 2017 from N43.58 in 2016.

Commenting on the financial statements, Chairman of Total Nigeria Plc, Mr Stanislas Mittelman, disclosed that despite economic recession in the country and its consequent contraction of the downstream market, the company’s turnover was stable at N288 billion with the profit at N8 billion, the “second highest result ever in the history of Total Nigeria Plc.”

Share
Related Stories
Image
04-March-2024

NASD OTC Exchange Records First Weekly Decline in Week 9

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, for the first time in the 2024 trading year, declined in Week 9 by 3.92 per cent, shrinking the value of investors’ portfolio by N27 billion, as the market capitalisation went down to N1,548 trillion from N1.611 trillion in Week 8. Equally, the NASD Unlisted Security Index (NSI) depreciated by 47.17 points to wrap the week at 1,141.61 points compared with the 1,188.78 points recorded in the previous week. In the week, there was a 65.1 per cent decrease in the total value of securities traded by investors to N620 million

Image
03-March-2024

Abuja Residents Loot NEMA Warehouse as Hardship Bites Harder

By Adedapo Adesanya As hardships spurred by the rising cost of food, fuel, and other basic needs bite harder, some residents of the Nigerian capital, Abuja, broke into a government warehouse in the city to loot food items on Sunday morning. According to reports, the incident, which involved a warehouse belonging to the National Emergency Management Agency of Nigeria (NEMA), happened around 7 am and continued for about two hours. Amid the current economic realities in the country, there has been a spate of breaks in and looting of both private and public storage units by residents. The warehouse looted

Image
03-March-2024

Alake Lures Qatari Investors With Nigeria’s Lithium Reserves

By Adedapo Adesanya Nigeria has called on Qatari investors to tap into the country’s Lithium, with comprehensive data on its reserves, available at the Nigerian Geological Survey Agency, according to the Minister of Solid Minerals Development, Mr Dele Alake. The Minister disclosed this in Doha, Qatar, on Saturday, at a meeting with Qatari businessmen on the sidelines of the visit of President Bola Tinubu to the Arab country. He is part of the delegation that accompanied President Tinubu on the visit to Doha, Qatar to strengthen cooperation between the nations in several sectors, including economic development. In a statement by

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

More Stories
Image
01-March-2018

$353m OTC FX Futures Contract Matures, Settles on FMDQ

By Dipo Olowookere Information reaching us indicates that on Wednesday, February 28, 2018, the 20th OTC FX Futures contract, NGUS FEB 28 2018, with notional amount $353.26 million, matured and settled on the FMDQ OTC Securities Exchange (FMDQ) platform. This maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ since inception of the market in June 2016 to roughly $8.03 billion. In line with the guidelines stipulated in the FMDQ OTC FX Futures Market Operational Standards, the NGUS FEB 28 2018 contract stopped trading eight days before its maturity and was valued against the NAFEX–the

Image
22-March-2022

Africa Can Adopt Renewable Energy on a Massive Scale and Save Billions

By Kenneth Engblom When it comes to building the future of energy in Africa, the decisions facing the continent’s leaders today are nothing less than of historical importance. More than anything else, energy systems are the very fabric of business and society. Countries across Africa want to make good on their objective of building huge amounts of new generation capacity to anticipate vast increases in energy demand and set the continent on the path of growth and development it deserves. Africa knows where it needs to go. The big question is how. And more specifically: what is the most cost-effective

Image
11-May-2023

BUA Cement, Lafarge, Others Shrink Stock Market by 0.75%

By Dipo Olowookere The stock market succumbed to selling pressure on Wednesday after profit-taking shrank the Nigerian Exchange (NGX) Limited by 0.75 per cent at the close of business. The exchange was battered in the midweek session after investors offloaded cement shares in their portfolios, especially BUA Cement and Lafarge Africa. As a result, the industrial goods sector went down by 3.40 per cent, while the banking index depreciated by 0.58 per cent, with the insurance counter declining by 0.21 per cent. However, the consumer goods space grew by 1.30 per cent, and the energy sector increased by 0.93 per

Image
04-January-2020

Russia’s Diplomacy of Education, Contribution to Human Resource Development and the Third World: 60 Years of RUDN

By Kester Kenn Klomegah Professor Vladimir Filippov, Rector of the Russian University of Peoples’ Friendship (RUDN) and Minister for Higher Education (1998-2004) has given an exclusive long-ranging interview in which he speaks about his university as it marks its 60th year of establishment and the plans for the future. During his meeting with this correspondent, Kester Kenn Klomegah, he also discusses the importance of reforms, challenges and achievements in his university in the Russian Federation. The Russian University of Peoples’ Friendship (RUDN) is an educational and research institution located in Moscow. It was established in 1960 primarily to provide higher

Image
21-November-2023

Naira Gains at Official Market, Loses at Parallel Market

By Adedapo Adesanya The Naira appreciated against the United States currency on the first trading session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market by 5.3 per cent or N41.61 to settle at N750.14/$1 compared with last Friday’s rate of N791.75/$1. The improvement in the value of the local currency happened after the Central Bank of Nigeria (CBN) again postponed a crucial meeting to decide interest rates. The CBN postponed the Monetary Policy Committee (MPC) meeting yet again after the same was done in September, indicating that the new Governor of the

Image
25-June-2020

Brazil Suspends WhatsApp Digital Payments Service

By Adedapo Adesanya Brazil has suspended the WhatsApp digital payments service in the country over trust concerns. In a statement, the Central Bank of Brazil said it was taking the decision to “preserve an adequate competitive environment” in the mobile payments space and to ensure “functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap.” Banks in the nation have asked Mastercard and Visa, which are among the payments partners for WhatsApp in Brazil, to suspend money transfer on the WhatsApp app. It was added that failure to comply with the order would subject the payments companies

Image
23-December-2016

Super Capacitor Market to Hit $4.8b by 2020

By Dipo Olowookere Ceskaa Market Research has announced the addition of the Supercapacitor Market: 2015-2020 report to their offering. The global market for supercapacitor has been growing for the past five-years, driven by various application industries, such as electrical and electronics sector, automotive, renewable energy applications and smart grid applications. The Asia-Pacific region dominates the supercapacitor market followed by North America and Europe. AVX Corp., Axion Power International, Inc., Beijing HCC Energy Tech. Co., Ltd., CAP-XX, Elna Co. Ltd., Elton, Graphene Laboratories Inc., Jianghai Capacitor Co., Ltd, Jiangsu Shuangdeng Group Co., Ltd., Jinzhou Kaimei Power Co., Ltd, Kemet, LS Mtron,

Image
30-January-2023

Nigeria Surpasses 30% COVID-19 Vaccination Milestone

By Modupe Gbadeyanka A new report has revealed that Nigeria has surpassed the milestone of fully vaccinating 30 per cent of its total population as a result of a sustained COVID-19 vaccination rollout in recent months. Nigeria has maintained the COVID-19 vaccine rollout through campaigns and initiatives with the support of stakeholders, including Gavi, the Vaccine Alliance. COVAX, which Gavi co-leads with the Coalition for Epidemic Preparedness Innovations (CEPI), WHO and UNICEF, has supplied over 91 million COVID-19 vaccines to Nigeria (about 65 per cent of all vaccines received) and over 669 million to the African continent. The country has

Ad
Ad
Recent Stories
Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same