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TotalEnergies restates commitment to energy transition

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TotalEnergies Plc has assured shareholders that the company remains poised to become a multi-energy company that will play a major role in the country’s energy transition to consolidate its performance.

The Chairman of the company, Jean-Phillipe Torres, while addressing shareholders at the company’s 44th yearly general meeting held in Lagos, at the weekend, expressed optimism about the firm’s enhanced profitability, as investments made during the review period have begun to reflect in its operations.

Besides, shareholders at the meeting endorsed the sum of N6.18 billion representing the N18.20 kobo final dividend for the 2021 financial year. The company had earlier paid N1.36 billion as an interim dividend, culminating in N4.00 per share.

Torres said the company recorded a profit after tax of N16.8 billion representing a 712 per cent rise when compared to N2.06 billion recorded by the company in the corresponding period of 2020, while turnover increased by 67 per cent from N205 billion in 2020 to N341 billion.

He restated the company’s commitment to the solar business, adding that 131 service stations have been solarised as of 2021 while over 1.5 million people have benefitted from the sale of 400,000 solar lamps.

The chairman pointed out that the N30 billion domestic Commercial Paper (CP) programme issued in 2020 to restructure and refinance the company’s debt profile contributed to improved liquidity and positive cash flow, adding that the CP issuance has been fully repaid from cash reserves in August 2021.

On the lubricant business, Torren assured that the company remains active in the lubricant market and has continued to grow its market share, which stood at 17 per cent at the end of the 2021 financial year.

According to him, the company has also commenced installation of its end-of-line automated machines at its blending plants, which will be concluded this year.

He added that this would increase the production output of small pack lubricants by one to five litres by about 30 per cent.

Shareholders at the meeting applauded the management for sustaining their dividend policy of paying both interim and final dividends to shareholders.

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