Total Petroleum Ghana Limited, a leading oil marketing company in Ghana, has held its 42nd Annual General Meeting in Accra.
Speaking to the shareholders on the financial and operational performance of the company, the newly elected Chairman of the board, Mr. Samba Salfal Seye, said that the consolidated profit after tax for the Total Group for 2017, amounted to GH¢ 32.63 million.
The Group’s basic earnings per share, he stated, increased from GH¢ 0.2706 in 2016 to GH¢ 0.3117 in 2017.
He also stated that the Company’s profit after tax was GH¢ 36.20 million compared to GH¢ 38.28 million in 2016. He considered the result to be solid given the challenging market environment.
Mr. Samba Seye said that In October 2017, the Board approved the payment of an interim dividend of GH¢ 0.0631 per share which was paid to Shareholders in December, 2017.
At the meeting, the Board recommended a final dividend of GH¢ 0.07011 per share before tax in respect of the year ended 31st December, 2017, which will culminate in a total dividend of GH¢ 0.13325 per share to be paid to Shareholders in respect of the same year.
He defined the business outlook for 2018 as promising as some of the company’s major network projects which were implemented in the last quarter of 2017 are expected to yield positive results in 2018.
The Chairman explained that the Company has pursued a modernization plan of its service stations and continues to introduce new products for the benefit of its customers.
For instance, the company launched in 2017, new Lubricants Quartz Ineo 5W-30 and Lubricant Elf products and has introduced and implemented 86 of the new ‘Happy Sud’ concepts in all its Bonjour Shops to compliment food services such as KFC, Pizza Hut and Mugg & Bean on its network. The retail network of the company, he said, has grown from 235 to 246 outlets.
Mr. Samba Seye mentioned that the company had improved on its Health, Safety, Environment and Quality standards as it was re-certified ISO 9001-2015 in September, 2017.
Managing Director of the company, Mr. Eric Fanchini, stated that the company plans to sustain the investment at its sites and will strive to provide the highest level of customer satisfaction and operational excellence, whilst maintaining the highest standards in terms of health and safety.
The company is also increasing its outreach with regards to solar energy through solar kits service delivery within the business community, in addition to the Total Solar Lamps introduced in the market several years ago.
On the subject of Corporate Social Responsibility (CSR) , Mr. Fanchini, said that the company has for many years, endeavored to promote local talents through some key programs such as the Young Dealer Scheme, which offers service station personnel the opportunity of becoming an entrepreneur; as well as the Young Graduate Program which also offers an 18-month training for successful Ghanaian graduates to work under the mentorship of professionals in different areas of the Company and within the Group internationally. Other key CSR areas include road safety education and educational projects among others.