Total Petroleum Ghana Limited Achieves 76% Revenue Growth and 52% Profit Growth Despite Challenging Economic Environment in 2022

Published On: February 14, 2024Company: Total Petroleum Ghana Limited (TOTAL.gh)
What strategies helped Total Petroleum Ghana Limited achieve growth despite the challenging economic environment in 2022?
Their strategies included rebranding and solarisation of network, paying out interim dividends to shareholders, maintaining robust corporate governance practices, placing emphasis on safety, and being committed to sustainable practices and corporate social responsibility initiatives.

Summary:

– The global economy faced significant challenges in 2022 due to the ongoing impact of COVID-19 and geopolitical issues such as the Russia/Ukraine war which caused disruptions in the global supply chain, inflation, and slowed economic growth.
– The Ghanaian economy also felt the pressure of these challenges with depreciating currency, high interest rates, inflation, and reduced access to international capital markets.
– The Ghanaian Petroleum Industry experienced disruptions due to global supply shortages and unstable oil prices. The government has initiated the Gold for Oil Program to mitigate rising fuel prices.
– Total Petroleum Ghana Limited achieved considerable growth in 2022 despite these challenges, with a 76% growth in revenue and profit growth of 52%.
– The company undertook a rebranding and solarisation of their network, making significant savings in electricity consumption and advancing their pledge to reach net zero carbon emissions by 2050.
– Despite the difficult business environment, the company paid an interim dividend to shareholders and are proposing a final dividend of GH¢77,067 million.
– Corporate Governance, Health and Safety, Environmental and Social Risk Management, and Corporate Social Responsibility continue to be major areas of focus in the company’s operations.
– New board appointment of Mrs. Mercy Samson was made, enhancing gender balance on the board. Three directors due for rotation have expressed interest in continuing their roles.
– Total Petroleum Ghana Limited received several awards in recognition of their work in 2022.
– The year 2023 is predicted to be challenging, but management remains optimistic in their ability to navigate these conditions and deliver value for shareholders.

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About Total Petroleum Ghana Limited (TOTAL.gh)

Total Petroleum Ghana Limited supplies petroleum and allied products for vehicles with petrol and diesel engines as well as fuel and fuel oil for the aviation, marine and mining sectors in Ghana. The company also supplies a range of automotive lubricants and special fuels including racing fuels and lubricants, biocides, industry fuels, refining additives and performance additives. Total Petroleum Ghana Limited offers expertise and services to support the mining supply chain which include a fluid analysis laboratory, fuel management system, filtration and contamination management, mobile tank solutions, on-site refueling, road transport safety and solar energy solutions. Total Petroleum Ghana Limited is a subsidiary of Ghanstock Limited. Total Petroleum Ghana Limited is listed on the Ghana Stock Exchange

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Giri

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