The Nation Newspaper

Tag: retains

  • Total Nigeria retains N5.77b dividend payout despite 46% drop in profit

    Total Nigeria retains N5.77b dividend payout despite 46% drop in profit

    The board of directors of Total Nigeria Plc has recommended payment of final dividend of N4.75 billion to shareholders, bringing the total dividend payout for the 2017 business year to N5.77 billion. The company had also paid N5.77 billion as cash dividend to shareholders in 2016.

    The breakdown of the dividend recommendation indicated that shareholders will receive a final dividend of N14 per share. The company had earlier distributed N1.02 billion as interim cash dividend, representing interim dividend of N3 per share.

    Key extracts of the audited report and accounts of Total Nigeria for the year ended December 31, 2017 showed a top-down decline in performance. Turnover dropped marginally from N290.95 billion in 2016 to N288.06 billion in 2017. Profit before tax dropped by 42 per cent from N20.35 billion in 2016 to N11.8 billion in 2017 while profit after tax declined by 46 per cent from N14.8 billion to N8.02 billion. Earnings per share also declined by 46 per cent from N43.58 in 2016 to N23.62 in 2017. However, the company’s shareholders funds improved by 20 per cent from N23.57 billion to N28.23 billion.

    The company blamed the decline on tough operating environment in 2017 citing economic recession and its consequent contraction of the downstream market.

    The company also stated that scarcity of Premium Motor Spirit (PMS) due to high landing cost compared to the template, foreign exchange scarcity that hindered importation and high financial costs due to increase in bank lending interest rates impacted negatively on the company’s performance.

    Managing Director, Total Nigeria Plc, Jean-Philippe Torres, said Total Nigeria is committed to ensuring total customer satisfaction by the creation of quality products and services delivered with a strong commitment to safety and respect for the environment.

    According to him, the overall objective of total customer satisfaction drives all the company’s actions and the mutual acknowledgement of them by its partners forms the basis for their business relationships.

    “To sustain this objective and our leadership of the market, our commitment is to build and sustain a work culture firmly rooted in professionalism, respect for employees, internal efficiency and dedicated services,” Jean-Philippe Torres said.

  • Equities rally as MSCI retains Nigeria in global equities indexes

    Equities rally as MSCI retains Nigeria in global equities indexes

    MSCI, the global provider of research-based indexes and analytics, has decided to continue to retain Nigeria in its benchmark indexes for frontier markets in acknowledgment of government efforts at easing access to foreign exchange (forex) and improving liquidity in the market.

    But the MSCI added the MSCI Nigeria Indexes to the review list for potential reclassification to standalone status as part of the 2017 annual market classification review. Results of annual market classification reviews are usually announced in June.

    Also, MSCI stated that it would continue to apply the special treatment on Nigeria announced on April 29, 2016 until further notice. With this, MSCI will not implement selected changes for any securities classified in Nigeria in the MSCI Nigeria Indexes or indexes which Nigeria is a component of including the MSCI Factor, Thematic, ESG or other derived indexes as part of the upcoming index reviews as well as corporate event treatments.

    Nigerian equities appeared to heave a sigh of relief yesterday and broke a two-day downtrend at the Nigerian Stock Exchange (NSE) with a gain of N4 billion. Aggregate market value of all quoted equities on the NSE rode on the back of widespread gains to close at N9.703 trillion as against its opening value of N9.699 trillion. With 25 gainers to 18 losers, the benchmark index of the Nigerian stock market, the All Share Index (ASI), inched up from 28,236.23 points to close at 28,247.56 points. Foreign investors, who use the global indexes as indicators, account for more than one-thirds of turnover at the Nigerian stock market.

    In a statement issued at the conclusion of its consultation on the potential market reclassification for the MSCI Nigeria Indexes, the global analytics firm noted the positive efforts by the Nigerian authorities and the Central Bank of Nigeria to enhance the liquidity in the foreign exchange market through a number of initiatives, such as the adoption of a more flexible exchange rate. It however pointed out that the situation still remains challenging and it will continue to monitor and welcome feedback on the level of accessibility in Nigeria.

    “The consultation discussions revealed that despite low level of accessibility of the Nigerian market, the investment community recognizes that more time may be needed for Nigerian authorities to improve liquidity of the foreign exchange market. Hence, MSCI will actively monitor the developments on the Nigerian market over the following months and reassess the market classification of the MSCI Nigeria Index as part of the 2017 Annual Market Classification Review,” MSCI stated.

    MSCI however warned that introduction of restrictive measures, such as capital or foreign exchange controls, which can lead to material deterioration of equity market accessibility, may result in the exclusion of the Nigerian market from the MSCI Frontier Markets Indexes and a reclassification to standalone status.

  • McDowell retains French Open title

    McDowell retains French Open title

    Graeme McDowell of Northern Ireland made the best of tough conditions to retain his French Open title by firing a 4-under 67 in the final round to win by a stroke on Sunday.

    In pouring rain, McDowell made five birdies and a bogey for the lowest round of the day to finish with a 5-under 279 total.

    Overnight leader Kevin Stadler made three birdies and dropped eight shots for a 76 to share second place with Thongchai Jaidee, who carded a 72.

    Stadler had a chance on the last hole to become the first American to win this tournament since Barry Jaeckel in 1972, but he missed a long birdie putt.

    McDowell clinched the victory when Stadler then failed to convert a par putt from three feet that would have forced a playoff.

  • Nigeria retains Copa Lagos

    Nigeria retains Copa Lagos

    Nigeria’s SuperSand Eagles defeated Portugal 8-7 to retain the trophy of the 2012 Copa Lagos at the Atlantic Beach Soccer Stadium yesterday.

    They edged Portugal’s Seleccao das Quinas 8-7, after coming from a five goal deficit to finish off the job in extra time after the three periods ended 7-7.

    On their way to the finals, the Nigerian side Nigeria defeated Lebanon 7-6 in their first match on Friday and on Saturday they thrashed Argentina 5-0.

    With this victory, the Coach Adamu Ejor-tutored side have won the second edition of the championship.

    Meanwhile, team captain, Isiaka Olawale compalined bitterly about the attitude of the Nigeria Football Federation (NFF) towards the team.

    Olawale told SportingLife after the finals that the NFF had not deemed it necessary to reward them financially despite also winning the maiden edition.

    He said: “We are still waiting for them since last year for them to reward us financially. You can see that it is not easy playing in the sand. After this we go back to the local league. We don’t have a league of our own. We need more players; we are just 10 with 5 officials”

    With this victory, the SuperSand Eagles will be getting set to participate in the Beach Football Nations Cup slated for Morocco in March.