On Friday, TotalEnergies Marketing Nigeria Plc shareholders unanimously approved N8.49 billion in the final dividend proposed by the company’s board of directors for the financial year ending December 31, 2023.

The shareholders gave their approval at the 46th Annual General Meeting (AGM) of the energy firm held in Lagos.

In his address, Jean-Phillipe Torres, chairman of the Board of Directors of TotalEnergies Marketing Nigeria, said the sum represented N25.00 per share, subject to the deduction of appropriate withholding taxes at the time of payment.

Regarding the company’s financial performance, Mr Torres stated that, despite the difficult terrain, TotalEnergies marketing increased its turnover by 32 per cent from N482.47 billion in 2022 to N635.95 billion in 2023.

He noted that this was possible due to patronage by its loyal customers and commitment from its shareholders, board, management and staff in the face of such adversity.

According to him, the firm’s profit after tax (PAT) decreased by 20 per cent from N16.12 billion in 2022 to N12.91 billion in 2023.

He said, “2023 was a year like no other. It was an extremely complicated and difficult year for the company.”

According to him, the effects of the country’s security challenge, the naira redesign policy, the removal of fuel subsidies and floating of the naira, and inflation, among other economic policies, affected companies’ overall operations and turnover.

The chairman revealed that in 2023, TotalEnergies, like other marketers, did not import PMS due to the unavailability of foreign exchange.

Mr Torres explained that NNPC maintained the role of sole importer of PMS and TotalEnergies, and other marketers purchased PMS and AGO from NNPC.

“During the year, there were several outages of PMS, which slowed activities in our stations across the country.

“AGO and Jet A1 remain fully deregulated but access to foreign exchange by marketers continues to be a challenge, inhibiting imports.

“The price of AGO opened the year at N850 per litre and closed as high as N1,200 per litre,” he said.

Regarding the company’s future outlook, Mr Torres assured that TotalEnergies remained hopeful and would continue to invest in and deliver top-tier services.

The board chairman emphasised the company’s 67-year legacy of providing high-quality products and services guided by strong ethical standards.

Responding, shareholder William Adebayo commended the board and management for paying dividends amid harsh economic conditions and for improving turnover.

He advised the board to work on reducing administrative expenses and suggested separating the figures of technical fees paid to the parent company from management fees in future reports.

TotalEnergies Marketing Nigeria Plc is a marketing and services subsidiary of TotalEnergies, a multinational energy company operating in over 130 countries, committed to providing sustainable products and services for its customers.

 (NAN)