By NBF News

By Michael Eboh
Total Nigeria Plc has announced its preparedness to fully adopt the International Financial Reporting Standard, IFRS, in the presentation of its financial statements by September this year.

Shareholders of the company also approved its dividend of N2.72 billion to be paid from July 1st, 2011 to shareholders for the 2010 financial year.

Addressing journalists at its 33rd Annual General Meeting, AGM, in Lagos, Chairman of the company, Mr. Stanislas Mittelman, disclosed that the company has already commenced the implementation process and has sent a road map to full compliance to the Securities and Exchange Commission, SEC.

According to him, the road map which was sent since February indicated three major steps to compliance, involving assessment of the gaps between the Nigerian standards and the IFRS, conversion of the 2010 financials to IFRS and sustaining the process.

'To this effect,' he said, 'we announce to this annual general meeting that the Steering and Technical Committees as well as the Project Management Committee were inaugurated on May 9, 2011.

'In our communication process, a presentation on IFRS adoption was made to members of the audit committee, June 21. The process of gap analysis has since commenced. It is envisaged that the project will come to its full completion tentatively by the end of September this year.'

The company, despite a decline in its turnover, declared a total dividend of N2.72 billion, represented N8 per share, broken down into interim dividend of N679.04 million and final dividend of N2.04 billion, representing N2 per share and N6 per share respectively.

The company, in its 2010 financial performance, recorded a turnover of N160.6 billion, dropping by 10 per cent from N178.57 billion recorded in 2009, while its recorded a profit before tax and extraordinary item of N5.783 billion, dropping by six per cent from N6.16 billion recorded in 2009.

However, boosted by an extraordinary item of N1.46 billion, it posted a profit after tax and extraordinary item of N5.44 billion, rising by 37 per cent from N3.97 billion recorded in 2009.

Mittelman assured of plans to boost its revenue and bottom line in the near future, through the expansion of its marketing activities and increased investment in productive aspects of its business.