Shareholders of TotalEnergies Marketing Nigeria Plc have approved a total dividend of N13.54 billion for the financial year ended December 31, 2024.
They gave their approval at the Company annual general meeting held at the weekend in Lagos.
The shareholders also called for the issuance of bonus shares, commending the Company for its robust financial performance and nearly two decades of consistent profitability.
The Company in the year under review declared a dividend payout of N40 per share, translating to a total payout of N13.58 billion, up 60 per cent from N25 in 2023.
Chairman of TotalEnergies Marketing Nigeria, Mr. Torres Jean-Philippe, emphasized the company’s unwavering commitment to safety, health, quality, and environmental protection in his address.
He noted that “this dedication has significantly improved the safety of their depots, plants, and entire supply chain through rigorous audits. The company expanded its fleet by adding over one hundred trucks and commenced the installation of advanced safety technology in heavy vehicles, aligning with their commitment to transport safety and operational efficiency.
“TotalEnergies continues to maintain its leadership in the downstream oil and gas sector by empowering communities and businesses through a robust nationwide network of stakeholders.”
Jean-Philippe pointed out that “the company demonstrated continued trust in Nigeria through substantial investments, including the completion of 251 solarized stations, 15 T-Air Projects, 10 mobility shops, and eight new QAS bay stations, which have enhanced service station functionality.”
Despite the challenges posed by an unfavorable economic situation, he said “TotalEnergies achieved remarkable financial results. Turnover was reduced by 64 per cent from N635.95 billion in 2023 to N1.041 billion in 2024, while profit after tax increased by 12 per cent of 112 per cent from N12.9 billion in 2023 to N27.4 billion in 2024.
Looking ahead to 2025, Jean-Philippe highlighted the potential for growth based on governmental reforms aimed at economic stability, saying that “improvements in tax revenues and oil production are expected, alongside agricultural advancements that may reduce food inflation. Overall, we remain optimistic about the company’s resilience and continual commitment to excellence in the face of challenges.”
Speaking on behalf of shareholders, prominent shareholder and leader of the Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, expressed appreciation for the dividend but pressed for clarity on the prolonged omission of bonus shares.
