By NKIRUKA NNOROM

Total Nigeria Plc said it will take advantage of the opportunities presented by projected growth in the economy in the course of the year to grow its business and deliver more value to shareholders.

Chairman of the company, Mr. Momar Nguer, made this promise at the 35th annual general meeting of the company in Lagos. At the meeting, shareholders approved as dividend for the year, N2.72 billion, amounting to N8.00 per ordinary share. This, along with N3.00 interim dividend disbursed earlier in the year, brought the total dividend paid in the year to N11 per share.

Nguer added: “Though 2013 is envisaged to be marred by challenges; your company is well positioned to overcome the challenges of the business environment as it has the human capital and experience to do so.”

”We envisage that 2013 will continue to provide us with opportunities for growth and investment and it is a year within which we shall consolidate on our past achievements, take advantage of growth the Nigerian economy will offer and deliver value to our shareholders and other stakeholders,” he added.

He noted that despite the challenges in 2012, Total was still able to post very encouraging results. The company’s revenue increased from N173.95 billion in 2011 to N217.84 billion at the end of 2012 with the market share rising to 11.4 percent from 10.3 percent in the previous year.

Also, profit before tax grew by 21 percent to N7.098 billion, up from N5.859 billion in 2011. Profit after tax increased from N3.81 billion to N4.67 billion, 22 percent higher than the previous year, while shareholders fund rose by 13 percent to N11.301 billion from the previous N10.026 billion in 2011.

Nguer noted that the result is indicative of the commitment of the board and management to growing shareholders’ value irrespective of operating challenges.

He noted that Total is now one of the major players in the solar energy industry with the acquisition of 66 percent stake in Sun Power, a leading solar energy operator based in the US.