Total's Half-year Turnover Hits N46bn
By Uche Obike
Total Nigeria Plc has announced a turnover of N46.1 billion made during the half year ended June 30, 2004, as against N29.9 billion in the comparable period of 2003.
The company's unaudited financial results for the same period also showed a profit after tax that stood at Nl.3 billion compared with N1.3 billion in 2003.
Total Nigeria had earlier announced a profit after taxation of N2.684 billion for the year ended December 31, 2003 as against N2.514 billion it declared in 2002. This performance marked an increase of N17 billion representing .06 per cent.
The Chairman, Mr. Jean-Dennis Royere who disclosed this during the company's 26th Annual General Meeting (AGM), said despite the socio-economic difficulties prevalent in the country in year 2003, the company led the sector with a market share of 13.4 per cent.
He revealed further that the company's turnover rose to N66.752 billion in 2003 as against N55.379 billion in 2002.
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 lamented 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, a shareholder, Mr. Samuel Adebayo expressed displeasure over the development pointing out that the company has the financial muscle to embark on such venture.
The Chairman said further that having earlier distributed the sum of N1.039 billion representing 350 kobo per share as interim dividends to the shareholders, the company declared the sum of N1.633 billion representing another 550 kobo per share to be distributed as final dividend for 2003. A bonus issue of one share for every seven share declared for the shareholders.
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