TotalEnergies restates commitment to energy transition

To solidify its success, TotalEnergies Plc has informed shareholders that the firm is ready to become a multi-energy corporation that will play a vital part in the country’s energy transformation.

While speaking to shareholders at the company’s 44th annual general meeting held in Lagos over the weekend, Chairman Jean-Phillipe Torres voiced confidence about the firm’s improved profitability, as investments made over the review period had begun to show in its operations.

Furthermore, shareholders present at the meeting approved an amount of N6.18 billion, which represents the N18.20 kobo final dividend for the fiscal year 2021. The corporation had previously paid an interim dividend of N1.36 billion, resulting in a share price of N4.00.

Torres said the firm made a profit after tax of N16.8 billion, up 712 percent from N2.06 billion in the same period of 2020, while turnover climbed by 67 percent from N205 billion to N341 billion.

He reaffirmed the company’s commitment to the solar industry, noting that 131 service stations have been solarized as of 2021, and that the sale of 400,000 solar lamps has benefited over 1.5 million people.

The chairman stated that the N30 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, and that the CP issuance was entirely repaid from cash reserves in August 2021.

Torren stated that the company is engaged in the lubricant sector and has continued to develop its market share, which was at 17 percent at the end of the fiscal year 2021.

He also stated that the business has begun installing end-of-line automated machinery at its blending operations, which will be completed this year.

He went on to say that this will boost the output of small pack lubricants by one to five litres, or roughly 30%.

The management’s dividend strategy of paying both interim and final dividends to shareholders was welcomed by shareholders at the meeting.