otalEnergies Marketing Nigeria Plc has recorded a profit after tax of N16.8 billion for the year ended Dec. 31, 2021.
The amount is 712 percent higher when compared with N2.06 billion recorded by the company in the comparative period of 2020.
The company’s Board Chairman, Mr. Jean-Phillipe Torres, made the announcement at its 44th Annual General Meeting on Thursday in Lagos.
He said: “Distinguished shareholders, despite global, national and local economic and social challenges, your company’s turnover increased by 67 percent from N205 billion in 2020 to N341 billion in 2021.
“Profit after tax increased by an unprecedented 712 percent from N2.06 billion to N16.8 billion. This is indeed a remarkable achievement.
“With your kind permission, I would like to use this medium to thank you our shareholders for your loyalty, the board for its steer, management for its dynamism, and the staff for their commitment.”
Torres said the company had earlier distributed the sum of N1.36 billion as interim dividends, representing N4 per share for the year ended Dec. 31, 2021.
“The board proposes for approval by shareholders the sum of N6.18 billion representing another N18.20 to be distributed as final dividend for the year 2021.
“This is subject to the deduction of appropriate withholding taxes at the time of payment,” he said.
Torres assured the shareholders that the approved dividends would be paid on June 17 in line with the company’s corporate reputation for early disbursement of shareholders’ dividends.
He said the company faced some operating challenges in the year under review including insecurity, decayed infrastructure, depreciation of the Naira as well as the rising cost of energy.
Torres said, however, that the company remains steadfast in its commitment to renewable energies adding that by the end of 2021 a total of 131 service stations had been solarised, while a further 125 stations are planned for solarisation in 2022.
He said: “Over 1.5 million people in Nigeria have benefited from the sale of 400,000 TotalEnergies solar lamps, we have also deployed several B2B solar hybrid solutions in Nigeria.
“TEMNPLC remains very active in the lubricant market and has continued to grow its market share which by the end of the year stood at 17 percent.
“The company commenced installation of its end-of-line automated machines at its blending plants which will be concluded in 2022; it will increase production output of small pack lubricants (1-5 Litre) by about 30 percent.”
The board chairman expressed optimism that the decade of 2020 to 2030 would see TotalEnergies transform into a true multi-energy company in line with its commitment to the global energy transition.
Speaking on behalf of the shareholders, Chief Matthew Akinlade, President of, Noble Shareholders Solidarity Association, commended the management and staffers of the company for the impressive performance recorded in 2021.
“A lot of us are retirees and we are depending on our investment income. We are happy that you are doing very well despite the economic challenges,” he said.