The TOTAL Gabon Board of Directors has proposed that a dividend of $ 11 per share be distributed on behalf of the 2019 financial year, representing a total remuneration of 49.5% for the benefit of its shareholders. If this directive is adopted, it will represent a level of dividend equivalent to that of the 2018 financial year. Note that in that year, net profit was boosted by exceptional income following the sale of certain assets.
“The board of directors, noting the level of distributable result and confident in the solidity of the company’s balance sheet, decided to propose to the ordinary general meeting of shareholders, convened on May 29, 2020, the distribution of a dividend of 11 dollars per share identical to that of the previous year: or $ 49.5 million for all shareholders,” the company said in a statement.
This proposal is made while the group’s activities have declined over the past year. Falling production and the price of a barrel of oil resulted in an 11% drop in turnover for TOTAL Gabon. This is the second consecutive decline in revenues since the 2017 financial year. However, it is not excluded that this decision is related to the improvement in the company’s cash flow, which saw an increase of 21% between 2018 and 2019.
The distribution of this generous dividend which covers almost all of the net profit for the year 2019 ($ 50 million) will first benefit the TOTAL group, which holds 58.28% of the company’s shares, and the Gabonese State, which owns 25%.
