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Total Petroleum Holds 42nd AGM

Total Petroleum Ghana Limited held its 42nd Annual General Meeting (AGM) on Tuesday, 29th May 2018 at the National Theatre in Accra.

Samba Salfal Seye, Board Chairman, said the Total Group in 2017 recorded consolidated profit after tax of GH¢32.63 million.

The group’s basic earnings per share 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 said the result was solid due to 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 said the company had 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 has improved its health, safety, environment and quality standards, as it was re-certified ISO 9001-2015 in September, 2017.

Managing Director, Eric Fanchini, stated that the company plans to sustain investment at its sites and would 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.

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