TOTAL PETROLEUM GHANA’S 44TH ANNUAL GENERAL MEETING
Total Petroleum Ghana Public Limited Company held its 44th annual general meeting on Wednesday, 15th July 2020 at its head office in Accra to account to the shareholders of the company and to discuss the Company’s performance for the year ended 31st December 2019.
The meeting was held virtually as a result of the current regulatory restrictions on social distancing and public gathering, necessitated by the global COVID-19 pandemic.
The meeting was chaired by Mr. Rexford Adomako-Bonsu, the Non-Executive Director of the Company with some of the other Board members in attendance virtually.
Reporting on the performance of the Company for the year 2019, the Chairman Mr. Rexford Adomako-Bonsu reported that Total Petroleum Ghana Public Limited Company recorded a 59% growth in net profit.
The consolidated profit after tax amounted to GHC68.78 million compared to GHC43.27 million in 2018, whilst Company’s profit after tax amounted to GHC69.34 million as compared to GHC50.36 million in 2018.
Speaking also at the annual general meeting, the Managing Director of Total petroleum Ghana, Mr. Eric Fanchini stated that the Company had so far solarized thirteen (13) of its service stations and remains committed to its solarization project.
He added that the Company plans to continue the project by solarizing fifteen (15) more TOTAL service stations by the end of the year 2020.
Mr. Eric Fanchini commented that following the COVID-19 pandemic, the company activated its business continuity plan to ensure that key activities are not significantly interrupted. He emphasized that the health and safety of employees, customers, and contractors remained the Company’s top-most priority and that various measures had been put in place to prevent the spread of the COVID-19 virus.
Mr. Eric Fanchini assured all shareholders that the Company would continue to focus its efforts on offering the best products and services at the most competitive prices to ensure customer satisfaction, adding that this was the surest way of ensuring a sustainable position in a very competitive market.
On Board matters, shareholders ratified the appointment of Mr. Wilfried Konde, as a new Director of the Company and approved the re-election of Messrs. Samba Salfal-Seye, Rexford Adomako-Bonsu and John Mawuli Ababio as Directors.
On dividend, shareholders approved a final dividend of GHC9.45 million representing GHC0.0845 per share for the year ended 31st December 2019 to be paid to shareholders on 30th August 2020. This brings the total dividend for the financial year to GHC0.1539, compared to GHC0.1399 in 2018.
In line with the new regulatory requirement, shareholders also voted to change the name of the company from Total Petroleum Ghana Limited to Total Petroleum Ghana Public Limited Company (PLC) in compliance with the new Companies Act 2019 (Act 992).