Total Nigeria shareholders to receive N4 interim dividend

The Board of Directors of Total Nigeria Plc in a recent meeting held on July 19, 2021, has declared an interim dividend of N4.00 per ordinary share of 50 kobo for the period ended June 30, 2021.

According to a notice signed by the company’s secretary, Bunmi Popoola-Mordi and filed with the Nigerian Exchange Group Limited (NGX), the dividend will be paid on September 13, 2021, to all qualified shareholders whose names appear on the Register of Members as of August 13, 2021.

The energy firm released its financial statements for the period ended June 30, 2021, and analysis showed that the company had an impressive performance, recording double-digit growth in its earnings.

The organisation said in the period under review, its revenue improved to N151.1 billion from N106.7 billion achieved in the same period of last year, with the major contributor being the sale of its petroleum products, which rose to N144.0 billion from N83.7 billion, while lubricants and others grew to N37.3 billion from N23.0 billion.

With the cost of sales of N125.8 billion in H1 2021 versus N94.3 billion in H1 2020, Total Nigeria was left with a gross profit of N25.5 billion, higher than the N12.4 billion declared a year ago.

In the period under review, the company recorded an operating profit of N12.5 billion compared with the operating loss of N716.8 million recorded in the COVID-19 ridden 2020, when the oil sector was dealt a devasting blow.

However, in the first six months of this year, Total Nigeria recorded negative net finance costs of N747.4 million in contrast to the positive N192.9 million. This was driven by the low finance income of N94.6 million posted compared with N2.2 billion last year, which could not swallow the finance costs of N842.0 million incurred in the reporting period.

In the same period of last year, the finance costs were N2.0 billion, but the higher finance income, mainly from the Petroleum Subsidy Fund (PSF), which was not available this time, was able to soak the pressure.

In the first half 2021 result, Total Nigeria recorded administrative expenses of N13.8 billion in contrast to N11.9 billion of the same period of last year.

In H1 2021, Total Nigeria said its pre-tax profit stood at N11.8 billion as against the pre-tax loss of N523.9 million of H1 2020, while the post-tax profit stood at N8.1 billion versus the post-tax loss of N537.2 million in the same period of 2020.

Thus, the board decided to reward shareholders with the interim dividend, which would be paid September 13, 2021, to those whose names appear on the register of members at the close of business on August 13, 2021, and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

In a notice to the Nigerian Exchange (NGX), the organisation said the register of shareholders would be closed from Monday, August 16, 2021, to Friday, August 20, 2021.

Despite the losses recorded in the corresponding quarter of 2020, the company has been able to deliver this impressive result that can be attributed to economic recovery following the strong setback in 2020 during the heat of the pandemic, which saw economies and organizations experience recession and records major losses or zero to no profit, thanks to the abrupt interruption in economic activities.

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