Shareholders of TotalEnergies Marketing Nigeria Plc have approved the proposed final dividend of N8.49 billion, amounting to N25.00 per share, for the financial year ended December 31, 2023.

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The shareholders gave their nod at the company’s 46th Annual General Meeting, AGM, in Lagos.

Chairman, TotalEnergies Marketing Nigeria,
Jean-Phillipe Torres, noted that despite the challenging operating environment in the year, TotalEnergies remained consistent in delivering return on investments to shareholders.

He said “2023 was a very specially difficult and challenging year but we are paying a dividend of N25. The company places a high premium on its esteemed and valued shareholders and therefore ensures good returns on their investments each year.

“We also keep in mind that to continue to offer these returns, the business has to remain profitable”.

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

Nonetheless, he said that despite the myriad of challenges, the company posted good results with its turnover increasing by 32 percent to N635.95 billion in 2023 from N482.47 billion in 2022.

He revealed that in 2023, TotalEnergies like other marketers did not import PMS within the year due to the unavailability of foreign exchange, while explaining that the Nigerian National Petroleum Corporation, NNPC, maintained the role of sole importer of PMS, while 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.