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02/06/2022 News

Total Petroleum Ghana PLC holds its 46th Annual General Meeting

Total Petroleum Ghana PLC held its 46th Annual General Meeting on Tuesday, 31st May 2022 to account to its Shareholders on its performance for the year ended 31st December 2021. The meeting was held virtually and streamed live via video link from the Accra City Hotel in Accra.

 

Presenting the Annual Report and Audited Financial Statements for the year ended 31st December 2021 on behalf of the Board, the Chairman of the Board, Mr. Philippe Ebanga, highlighted that Total Petroleum Ghana PLC recorded a 34.98% growth in revenue for the year 2021 from GH¢2,384 million in 2020 to GH¢ 3,218 million in 2021, which was an indication of its resilience in the face of the negative impact of the COVID-19 Pandemic. The Chairman reported that the consolidated profit after tax for 2021 amounted to GH¢112.74 million compared to GH¢113.68 million in 2020.

 

The Chairman informed the Shareholders that in line with TotalEnergies’ new identity and the change of its name from Total to TotalEnergies, thereby anchoring its strategic transformation into a broad energy company in its identity, Total Petroleum Ghana PLC, as an affiliate of TotalEnergies, has since adopted this new logo for its operations in Ghana.

 

The Chairman assured the Shareholders that Total Petroleum Ghana PLC would continue to improve upon its Products and Services through innovative ways in order to continue to deliver excellent results and good returns on Shareholders’ investment.

 

Responding to some operational questions from Shareholders, the new Managing Director of the TotalEnergies affiliate, Mr. Olufemi Babajide, indicated that Total Petroleum Ghana PLC, has so far solarized 61 stations on its network with a phased plan to extend this to other stations over time. Mr. Babajide also informed the Shareholders that in line with TotalEnergies’ vision of a Net Zero by 2050, Total Petroleum Ghana PLC would soon re-introduce solar lamps for sale at affordable prices in its Bonjour Shops across the country.

“We are currently working with the relevant Government Agencies to provide Solar Power and other renewable energy solutions to meet the energy requirements of other companies, notably those in the mining sector. This will include the development of Solar Farms at strategic locations in the country.”, he added.

 

Mr. Babajide also revealed that Total Petroleum Ghana PLC would soon commission an EV Charging Unit for electric cars at one of its service stations in Accra and that the Company plans to roll out this service to more stations within its network over time.

 

On Board matters, Shareholders ratified the appointment of five (5) new executive directors namely Messrs. Philippe Ebanga, Olufemi Babajide, Damien de La Fayolle, Jean-Philippe Torres, and Madam Elodie Luce. Shareholders also approved the re-election of two independent non-executive Directors who retired by rotation namely Messrs. John Mawuli Ababio and Rexford Adomako-Bonsu.

 

Shareholders approved a final dividend of GH¢75.589 million representing GH¢ 0.6757 per share in respect of the year ended 31st December 2021 to be paid to Shareholders on 15th July 2022 subject to withholding tax where applicable (an interim dividend of GH¢7.764 million representing GH¢0.0694 per share having been paid to Shareholders in December 2021). This culminates into a total dividend of GH¢ 83.353 million representing GH¢0.7451, per share, an increase of over 206.86% compared to 2020.

 

Shareholders also passed a Special Resolution to change the name of Total Petroleum Ghana PLC to TotalEnergies Marketing Ghana PLC in line with the Company’s new identity and its Strategic transformation into a broad energy company.