By Fred SARPONG
Total Petroleum Ghana Limited, one of the leading petroleum companies in the country, recorded a 112% increase in profit for last year, by generating GH¢13.166 million, as against GH¢6.22 million in 2008.
According to the company, the profit was due to an improvement in its working capital position, decrease in financial costs, overall improvement in margins through cost efficiencies and innovation, as well as an improvement in network sales of 9% against the 2008 performance.
The chairman of Total Ghana Limited, Stanislas Mittelman, who made this known at the company’s Annual General Meeting in Accra, said the board increased the investment budget of the company from GH¢4.402 million in 2008 to a new level of GH¢ 8.405 million in 2009.
“The 2009 investment in our retail network is the first year of a three –year investment programme to improve the image and services we are offering at our service stations. Margins on fuels were not adjusted for all of 2009, with the last increase taking place in the fourth quarter in 2008,” said Mittleman.
Mittelman said the company managed to keep the sales volume for 2009 at relatively the same level as the previous level in 2008.
“The only material exception was seen in the aviation business which showed a decline, and this can be attributed to the impact of the high price of aviation fuel in Ghana, as compared to other West African countries,” he said.
According to him, the company continued to differ from its competitors, through quality products and services; explaining that the full effect of the launch of the Effimax range of products, in late 2008 was felt in 2009 with an aggressive roll-out to service stations to meet customer demand.
Mittelman indicated that in October 2009 the board approved the payment of an interim dividend of GH¢0.2372 per share and recommended a final dividend of GH¢0.7129 per share for the year ended December 31, 2009. This will bring the total dividend payout to GH¢0.9415 per share.
Total Petroleum Ghana Limited, one of the leading petroleum companies in the country, recorded a 112% increase in profit for last year, by generating GH¢13.166 million, as against GH¢6.22 million in 2008.
According to the company, the profit was due to an improvement in its working capital position, decrease in financial costs, overall improvement in margins through cost efficiencies and innovation, as well as an improvement in network sales of 9% against the 2008 performance.
The chairman of Total Ghana Limited, Stanislas Mittelman, who made this known at the company’s Annual General Meeting in Accra, said the board increased the investment budget of the company from GH¢4.402 million in 2008 to a new level of GH¢ 8.405 million in 2009.
“The 2009 investment in our retail network is the first year of a three –year investment programme to improve the image and services we are offering at our service stations. Margins on fuels were not adjusted for all of 2009, with the last increase taking place in the fourth quarter in 2008,” said Mittleman.
Mittelman said the company managed to keep the sales volume for 2009 at relatively the same level as the previous level in 2008.
“The only material exception was seen in the aviation business which showed a decline, and this can be attributed to the impact of the high price of aviation fuel in Ghana, as compared to other West African countries,” he said.
According to him, the company continued to differ from its competitors, through quality products and services; explaining that the full effect of the launch of the Effimax range of products, in late 2008 was felt in 2009 with an aggressive roll-out to service stations to meet customer demand.
Mittelman indicated that in October 2009 the board approved the payment of an interim dividend of GH¢0.2372 per share and recommended a final dividend of GH¢0.7129 per share for the year ended December 31, 2009. This will bring the total dividend payout to GH¢0.9415 per share.
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