Total Nigeria to drive growth with solar business

Total Nigeria Plc will optimise the vast potential of its solar business in Nigeria to drive its growth and sustain improved returns to shareholders.

At the annual general meeting yesterday in Lagos, Chairman, Total Nigeria Plc, Stanislas Mittelman, said the company will use solar power to power its 60 stations in order to ensure stability of import, logistics optimisation and maximisation of its solar business.

He said the company has signed a 15-year power purchase agreement with a manufacturing company in Ogun State to provide 999k wp solar hybrid solution.

According to him, with a combined capacity of 1MW and production of more than 1 gigawatt hour of clean electricity, the company recognises the potential of solar, hence its programme of powering its stations which have been equipped with solar to supply electricity.

“We remain a brand of reference and leading energy solutions provider and we are confident that the company will continue to grow and even though the working capital reduced this year, we still remain conscious of our role in the Nigerian economy with the support of our stakeholders and shareholders and we expect to consolidate on our past achievements and deliver value to our shareholders as we are well positioned to overcome the challenges of the business environment in 2019,” Mittelman said.

Shareholders commended the performance of the company while unanimously approving distribution of N4.75 billion or N14 per share as final cash dividend for the 2018 business year. It had earlier paid N1.02 or N3 as interim dividend, bringing total dividend for the 2018 business year to N5.77 billion or N17 per share.

Key extracts of the audited report and accounts for the year ended December 31, 2018 showed that turnover increased from N288 billion in 2017 to N307 billion in 2018. Profit before tax rose to N12.09 billion as against N11.79 billion in 2017. Profit after tax dipped slightly to N7.96 billion in 2018 compared with N8.01 billion in 2017.

Founder, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, commended the company for its improved performance.

President, Pragmatic Shareholders Association of Nigeria (PSAN), Bisi Bakare noted that while there was room for improvement in the company’s performance, the payment of dividend resonated with the investors friendly policy of the company.