Posted by By Uche Obike on
Total Nigeria Plc has announced N30.1 billion turnover for the first quarter ended March 31, 2005, as against N23.4 billion in the comparable period of 2004.
Total Nigeria Plc has announced N30.1 billion turnover for the first quarter ended March 31, 2005, as against N23.4 billion in the comparable period of 2004.
The company's results for the same period under review showed that it also recorded N764.0 million compared with N663.0 million in 2004.
Total Nigeria had earlier paid a total of N9.00 per share dividend to be paid to its shareholders during 2004 financial year. The company had earlier paid an interim dividend of N3.00 per share in November, 2004 to the shareholders.
This was sequel to the company's audited financial results for the year ended December 31, 2004, that showed that Total Nigeria recorded a turnover of N90.0 billion during the period under review, as against N66.7 billion in 2003, while profit after tax stood at N2.8 billion compared with N2.7 billion in 2003.
The company said that the closure of register of members was April 18, 2005, while payment date was also scheduled for July 4, 2005.
The Chairman, Mr. Jean-Dennis Royere during the company's 26th Annual General Meeting (AGM), said despite the socio-economic difficulties prevalent in the country in year 2003, the company as at December 31, 2003, led the sector with a market share of 13.4 per cent.
Apart from that, he also revealed that the company's turnover rose to N66.752 billion in 2003 as against N55.379 billion in 2002.
Speaking further on the economic terrains of year 2003, he recalled that the year under review represented many challenges for the nation and the downstream oil sector, noting that although political continuity was assured by the re-emergence of the ruling party through the election process, the economy still remained slow with a relatively low growth rate of 3.5 per cent as against the previous year's figure of 2.8 per cent.
Besides, he remarked that government declared the commencement of its deregulation policy in the last trimester of 2003, leading to increases in the pump prices of white products and expectations of better margins arising from the dynamics of supply and demand.
"However, by the end of 2003, it was obvious that marketers would enjoy little relief by way of better margins and a market driven price regime", he said.
He added that threats of social unrest created inconsistencies in the market that led to the emergence of a limited deregulation programme, as the sector entered the new year.
Despite all these explanations, some shareholders queried the company's inability to build a refinery in Nigeria as obtained in other parts of the world where Total operates.
Specifically, Mr. Samuel Adebayo expressed displeasure over the development pointing out that the company has the financial muscle to embark on such venture.
But clarifying issues, the Chairman explained that the price of building a new refinery will be the neighborhood of N2 billion.
Also, another shareholder, Mr. Nona Awoh complained about the non-inclusion of Nigerians in executive board.
However, Royere pointed out that one Nigerian, Mrs. Cecilia Ibru is on the board, while Engineer Kalu Ukonne and Alhaji M.N. Sambo have been invited to join the board.