CHAIRMAN, Total Nigeria Plc, Stanislas Mittelman, has assured the shareholders of the company of the board’s commitments towards enduring steady and consistent returns for their investments.
Mittelman shared his optimism at the company’s 41st Annual General Meeting (AGM) in Lagos, while noting that Total Nigeria PLC remained a brand of reference and leading energy solutions provider.
“We are confident that the company will continue to grow and even though the working capital reduced this year, we still remain conscious of our role in the Nigerian economy. With the support of our stakeholders and shareholders, we expect to consolidate on our past achievements and deliver value to our shareholders as we are well positioned to overcome the challenges of the business environment in 2019,” the chairman said.
Speaking on the company’s strategies, Mittelman said to guarantee its import, logistics optimisation and maximisation of the solar potential in Nigeria, the company is set to solarise its 60 stations in order to supply electricity, just as it had signed a 15 year Power Purchase Agreement with a manufacturing company in Ogun state to provide 999kW solar hybrid solution.
He added that with a combined capacity of 1MW and production of more than 1 gigawatt hour of clean electricity, the company recognises the potential of solar, hence its programme of powering its stations which has been equipped with solar to supply electricity.
Commending the company, founder, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, expressed joy at the results and dividend of the company while urging the company to approach the Federal Government to call on regulators to stop bruising the downstream sector as it might weaken the financial position of the petroleum company.
Also, President, Pragmatic Shareholders Association of Nigeria (PSAN), Bisi Bakare noted that there was room for improvement in the company’s indices, adding the dividend is commendable despite the harsh operating environment.
She, however, appealed to the government to come to the rescue of oil petroleum companies in Nigeria as regulators are feeding off funds from the company which might drive away potential investors.
The company’s turnover increased from N288 billion in 2017 to N307 billion in 2018 while profit before tax (PBT) stood at N12.09 billion from N11.79 billion recorded in 2017.
On the otherhand, profit after tax (PAT) remained stable at N7.96 billion compared to N8.01 billion in 2017 while the sum of N4.75 billion was approved by the shareholders, representing a final dividend N14 together with N3 after Total Plc earlier distributed the sum of N1 billion as interim dividend for year ended December 2018.