VENTURES AFRICA – Total Petroleum Ghana Ltd., has reiterated its commitment to invest in its brand to enhance competitiveness in the challenging downstream petroleum sector and boost market share.
Chairman of the Board of Director Mr Stanislas Mittelman told shareholders at the 36th Annual General Meeting that the company “will continue to invest in all segments of its activity, remaining focused on the quality of its products and services which are the fundamental elements of customer satisfaction”
Mr Mittelman said since success depended on dealing with difficulties amidst competition, the company would remain committed to running the business in line with the high standard of ethics and business conduct.
On financial performance, he said, the company’s revenue in 2011 was GH¢971.683 million ($516.8 million) compared to GH¢738.910 million ($393 million) in 2010, representing a 31.5 percent growth.
The company’s net profit increased by 7 percent to GH¢22.564 million ($12 million) as against GH¢21.046 million ($11.2 million).
According to Mittelman, Total Ghana’s growth in profit was due to the sale of higher valued products and new products and services to customers as well as diversification of network activities. He added that the company investments was vertical in 2011 as it reached GH¢14 million ($7.4 million), this enabled the company to improve the quality of its service stations, installations at general customer sites and launch of a new customer service centre at the head office.
Shareholders approved a total dividend of GH¢1.14 per share, made up of an interim dividend of GH¢0.48 and a final of GH¢ 0.66.
Total Petroleum Ghana, a subsidiary of French oil giant Total S.A., is listed on the Ghana Stock Exchange. As of October 30, 2006 it operated 225 petrol stations across Ghana with a significant 28% of the market.