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Total Q1 Profit Rises

Total (TTA.L,TTFNF.PK,TOT) reported that its net income group share for the first-quarter rose to $3.11 billion or $1.16 per share from $2.64 billion or $0.99 per share in the prior year.

But, adjusted net income Group share declined 4% to $2.76 billion from the prior year's reflecting the increase in the net cost of net debt compared to a year ago mainly due to the rise in U.S. dollar interest rates. Adjusted earnings per share decreased by 6% to $1.02, from $1.09 in the prior year.

Revenues from sales for the quarter grew to $45.12 billion from $43.29 billion last year.

The Group is continuing to implement its shareholder return policy. The dividend in euro will be increased by 3.1% in 2019 representing a total increase of 6.5% since 2017 in line with the target increase of 10% over the period 2018-2020.

Total said it will buy back $1.5 billion of shares in 2019 at $60/b as part of its $5 billion share buyback program over the 2018-2020 period, and it will eliminate the scrip dividend option as of June 2019.

The Group maintains its spending discipline in 2019 with a net investment target of $15 billion - $16 billion, cost savings of $4.7 billion.

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