TotalEnergies Shareholders Gives Green Light to N8.488bn Dividend Payout for 2023

Shareholders of TotalEnergies Marketing Nigeria Plc, have approved the management’s N8.488 billion (N25.00 per ordinary share) dividend payout for the year ended December 31, 2023.
The shareholders gave their approval at the company’s 46th Annual General Meeting (AGM) held at the weekend in Lagos.

During the year under review, the company’s revenue increased by 32 per cent from N482.47 billion in 2022 to N635.95 billion in 2023. Also, profit after tax dropped by 20 per cent to N12.91 billion in 2023 from N16.12 billion reported in the 2022 financial year.

The chairman, TotalEnergies Marketing, Jean-Phillipe Torres said that despite the challenging operating environment in the year 2023, TotalEnergies remained consistent in giving return to investments of shareholders.

He stated that 2023 was a very specially difficult and challenging year but we are paying a dividend of N25, saying that “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.”

He acknowledged that despite myriads of challenges, the company posted good results which were made possible due to patronage by its loyal customers and commitment from its shareholders, board, management and staff in the face of such adversity.

He noted that the frequent change in the official exchange rate by the Central Bank of Nigeria (CBN) negatively impacted lubricant margins but Total Energies continued to grow its market share in lubricants rising to 16 percent, adding that the company has a positively eventful year in its lubricant business with the launch of several products designed for hybrid vehicles and to improve fuel consumption and engine life.