Engen Botswana Limited: Record Dividend Payout of P91.6 Million in 2021

Published On: July 12, 2023Company: Engen Botswana Limited (ENGEN.bw)
What were the dividends paid by Engen Botswana Limited during the year?
Dividends amounting to P91 555 290 (2021: P163 276 039) were paid during the year.

Nature of Business

The core business of Engen Botswana Limited is petrochemical investments and property operations.

Review of Activities

The annual financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) and the requirements of the Companies Act of Botswana. The accounting policies have been applied consistently compared to the prior year.

Financial Results

  • Revenue increased by 80% mainly due to increased volumes arising from the removal of Covid-19 regulations on 1 October 2021.
  • Several price adjustments as a result of global crude oil price movements.
  • Price-controlled products had industry margin adjustment. Non-price-controlled products had market-related price adjustments.
  • Foreign exchange gains increased from P2.5 million at the end of 2021 to P9.4 million at the end of 2022.
  • Overall, the group’s performance reflects a 3% increase in net profit after tax.

Going Concern

The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern.

Stated Capital

There were no changes to the stated capital during the year under review and in the prior year.

Directors

  • Mr CC Monga passed away on 5 April 2022 and was duly removed as a director.
  • Mr BF Sameke was appointed as the Acting Managing Director on 5 April 2022.
  • Mr J Ramesh was appointed as a director on 4 May 2022.

Dividends

Dividends amounting to P91 555 290 (2021: P163 276 039) were paid during the year.

Useful links

About Engen Botswana Limited (ENGEN.bw)

Engen Botswana Limited is a locally owned petrol and oil distributing company with operations across the entire country. It has become a key player in the crude oil, gas and lubricants market thanks to its extensive portfolio of high-quality products and services. With an expanding network of over 150 petrol stations nationwide, Engen Botswana is a popular choice for consumers across the country. These stations offer a wide selection of convenience store items to drivers and car-care products and services. Engen Botswana also has a strong presence in the commercial sector, providing fuel for a variety of industries, including transportation, construction, hospitality, and manufacturing.

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