Total Petroleum Ghana Limited a locally listed oil marketing company held its Annual General Meeting (AGM) on 15th May 2019 in Accra.
Reviewing the performance for 2018, Samba Salfal Seye, the Board Chairman, stated that the Company recorded a 32.6% growth in net profit compared to the previous year.
The consolidated profit after tax for 2018 amounted to GH¢ 43.27 million compared to GH32.63 million in 2017, whilst the Company’s profit after tax amounted to GH¢ 50.36 million compared to GH¢ 36.20 million in 2017. The basic earnings per share increased from GH¢ 0.3235 in 2017 to GH¢ 0.4502 in 2018.
On dividends, a final dividend of GH¢ 0.0768 per share was approved by shareholders for payment to shareholders registered in the Register of Members of the Company at the close of business on Friday, 14th June 2019, subject to withholding tax where applicable (an interim dividend of GH¢0.0631 per share having been previously paid to shareholders in December,2018 upon recommendation of the Board).
Eric Fanchini, the Managing Director stated that the Company remained steadfast through continued investment, in line with the strategy to develop its core activities and to tap business opportunities for sustained future growth. Key investments in 2018 included the construction of new stations and the revamping of existing stations country wide. He further noted that some of the Company’s stations are now solar powered.
Mr Fanchini further stated that the Outlook for 2019 remained positive despite some challenges in the operating environment, and this was as result of the action plans put in place by the Management.
The Company, he said, would remain customer-focused and would continue to develop efficient new energies in order to contribute to local development and environmental sustainability. Health, Safety and Quality will continue to remain a priority for the Company to ensure the Company delivers high quality of products and services to customers.
On Board matters, the shareholders approved the re-election of Messrs Gerard Pruneau, Stanislas Mittelman and Kofi Ampim as Directors whilst Madam Mrs. Laurette Korkor Otchere and Mr. Alain Vedier were elected as new Directors of the Company.