Total Nigeria Plc, one of the leading multinational petroleum products marketing firms, is investing N4.2 billion in its operations in the current financial year with a view to enhancing its financial performance.
The Managing Director, Mr. Dominique Thiolon, made this known yesterday during the 32th Annual General Meeting (AGM) in Lagos.He said the money would be injected into retail outlets, safety , training, welfare and staff development programmes among others. He explained that for operators to survive the stiff competition and challenges in the industry, there must be consistent investments, adding that Total Nigeria would continue in this line.
The MD assured stakeholders of the company’s commitment to the delivery of higher returns from the investments being made now.Speaking earlier, Chairman of Total Nigeria, Mr. Stanislas Mittelman, said the company recorded a turnover of N177.412 billion for the year ended December 31, 2009, up slightly from the N178.57 billion posted in the 2008. Profit after tax, he added, showed a decline moving from N4.393 billion in 2008 to N3.968 billion in 2009.
“Considering the challenges faced by the economy and the industry in 2009, we believe that these results are relatively fair and demonstrate the resilience of the company in the face of adverse external factors,” Mittelman said. According to him, having distributed the sum of N1.154 billion representing N3.40 per share as interim dividends to all shareholders of the company, the board recommended N2.811 billion representing another N8.28 per share as final dividend for the 2009 financial year, bringing the total dividend to N11.68 per share.He said that going forward, Total Nigeria would be more innovative and efficient in order to overcome the challenges the petroleum industry is facing.