Total Nigeria grows profit by 266%, proposes N7 dividend

Total Nigeria Plc has declared a profit of N14.8 billion for the 2016 financial year, ended 31st December 2016.

The profit signifies a 266 percent increase from N4.05 billion declared as profit in December 2015.

The company consequently proposed a reward of N7 per every 50 kobo of shares held by investors as final dividend for the 2016 financial year, amounting to N5.8 billion.

During the year ended 31st December, 2016 the Directors had authorised the payment of N10 as interim dividend as against N2 declared in 2015.

The oil exploration company further set the qualification date for the proposed dividend for 14th April 2017 after which the closure of company’s register scheduled for 17th – 21st April 2017.

Further details of the released result show that Total increased its revenue by 40 percent to N290.95 billion from N208.02 billion.

Profit Before Tax was up by 213.6 percent to settle at N20.4 billion from N6.5 billion declared in 2015.

The oil company’s tax for the year shot up by 133 percent to N5.6 billion. Shareholders fund increased 45 percent to N23.6 billion and Total Assets settled at 136.9 billion from 83.7 billion, posting a significant growth of 63.7 per cent.