TotalEnergies Marketing Ghana PLC Meets Its Shareholders

TotalEnergies Marketing Ghana PLC met its Shareholders at the 48th Annual General Meeting held in Accra on Wednesday June 26, 2024. Speaking at the meeting on the performance of the Company for the year ended 31st December 2023, Mr. Philippe Ebanga, the Chairman of the Board of Directors of TotalEnergies Marketing Ghana PLC, informed Shareholders that despite the challenging global and domestic economic environment that characterized the year under review, the Group recorded a revenue of GH¢6,059 million compared to GH¢5,686 million in 2022. The consolidated profit after tax for the year ended 31st December 2023 amounted to GH¢172 million compared to GH¢158 million in 2022 whilst the Company’s profit after tax amounted to GH¢169 million for the year ended 31st December 2023, compared to GH¢162 million in 2022. This performance, he indicated, demonstrates the resilience of the Company’s operating strategies considering the difficult business environment which characterised the period. He informed the Shareholders that the Company increased the number of solarised service stations from one hundred and two (102) service stations as at the end of 2022 to one hundred and twenty-eight (128) service stations by the end of 2023. With respect to Health, Safety, Environment and matters of Security, the Company achieved 2066 working days with zero fatalities as at the end of December 2023 and still counting. In 2023, two Transporters and seven drivers were recognised and awarded with prizes for their outstanding performance under defined categories. The Chairman also highlighted some Corporate Social Responsibility initiatives championed by the Company during the year under review, including the planting of over 9000 trees at Agomeda and Kwamoso in support of the Green Ghana agenda, the mentoring of over 300 pupils of the Nima cluster of schools on personal hygiene and negotiation, and a cleanup of Eyipe Beach at Winneba to mark World Clean-up Day, where about 11 tonnes of waste was collected. The Company also donated ten 240-litre wheeler bins to the community to enhance waste management. The Company launched the Helmet4Life campaign, during which over three thousand (3,000) crash helmets were distributed to motor bike riders across the country. Additionally, the Company recruited 8 young graduates, selected from Ghana’s public universities, to undergo the 18-month managerial training scheme, known as the Young Graduate Program. This brings the total number of young graduates who have been trained under the Young Graduate Program to thirty-nine (39) since its inception. Under the Company’s Young Dealer Scheme, which has over the years provided a unique opportunity for customer attendants to become station managers without any start-up capital, thirteen (13) station staff were appointed as Young Dealers in 2023. He disclosed also that TotalEnergies Ghana won 9 awards in 2023 in recognition of the quality of its products and excellent services. These were awarded at the 10th Ghana Oil and Gas Awards (GOGA), the 20th edition of the Ghana Club 100 awards, the Sustainability and Social Investment (SSI) awards, the Ghana Energy awards and the Chartered Institute of Marketing Ghana (CIMG) awards. Shareholders approved a final dividend of Ghc 81.018 million representing Ghc 0.7242 per share in respect of the year ended 31st December 2023 to be paid to Shareholders subject to withholding tax where applicable (an interim dividend of Ghc 45.088 million representing Ghc 0.4030 per share having been paid to Shareholders in December 2023). This culminates into a total dividend of Ghc 126.106 million representing Ghc 1.1272 per share, an increase of 8% compared to 2022 and a dividend yield of 27.76% for the year 2023 compared to 26.09% in 2022. Mr. Olufemi Babajide, the Managing Director of TotalEnergies Ghana, in responding to some questions posed by Shareholders, assured that the Company will continue to focus its efforts on offering the best quality products and services at the most competitive price to ensure customer satisfaction. He added that this was a sure way of ensuring a sustainable position in a highly competitive market. Shareholders voted to receive and adopt the Reports of the Directors, Auditors and the Financial Statements of the Company for the year ended 31st December, 2023, to declare a Final Dividend in respect of the year ended 31st December, 2023, to approve the remuneration of non-executive Directors for the financial year 2024, to authorize the Directors to fix the remuneration of the Auditors for the financial year 2024 and to re-elect Directors retiring by rotation.