- TotalEnergies informs shareholders about the multi-energy transition.
- Jean-Phillipe Torres, Chairman of TotalEnergies, affirms the investments and profitability of the sector.
- Torres said the company made a profit after tax of ₦16.8 billion, up 712% from ₦2.06 billion in the same period of 2020.
To consolidate its success, TotalEnergies Plc has informed shareholders that the company remains ready to become a multi-energy corporation that will play a vital part in the country’s energy transition.
While speaking to shareholders at the company’s 44th annual general meeting held in Lagos over the weekend, Chairman Jean-Phillipe Torres voiced optimism about the firm’s improved profitability, as investments made over the review period had begun to reflect in its operations.
Furthermore, shareholders at the meeting approved an amount of ₦6.18 billion, which represents the ₦18.20 kobo final dividend for the fiscal year 2021. The corporation had previously paid an interim dividend of ₦1.36 billion, resulting in a share price of ₦4.00.
Torres said the company made a profit after tax of ₦16.8 billion, up 712% from ₦2.06 billion in the same period of 2020, while turnover climbed by 67% from ₦205 billion to ₦341 billion.
He reaffirmed the company’s commitment to the solar business, noting that 131 service stations have been solarized as of 2021 and that selling 400,000 solar lamps has benefited over 1.5 million people. The chairman stated that the ₦30 billion domestic Commercial Paper (CP) program launched in 2020 to restructure and refinance the company’s debt profile resulted in better liquidity and positive cash flow. The CP issuance was entirely repaid from cash.
He also stated that the company has begun installing end-of-line automated machinery at its blending operations, which will be completed this year. He said this would boost the output of small pack lubricants by one to five litres, or roughly 30%.