TOTALENERGIES MARKETING GHANA : HOLDS ITS 47TH ANNUAL GENERAL MEETING

17/07/2023News

Accra, 3rd July 2022 - TotalEnergies Marketing Ghana PLC held its 47th Annual General Meeting on Thursday, 28th June 2023 render account on its annual performance to its esteemed Shareholders for the year ended 31st December 2022. The meeting was held virtually and streamed live via video link from the Movenpick Ambassador Hotel in Accra.

Presenting the Annual Report and Audited Financial Statements for the year ended 31st December 2022 on behalf of the Board, the Chairman of the Board, Mr. Philippe Ebanga, highlighted that TotalEnergies Marketing Ghana PLC recorded a 76% growth in revenue for the year 2022 from GH¢3,226 million in 2021 to GH¢ 5,686 million in 2022, which was an indication of the resilience of the Company, notwithstanding the difficult business environment it operates in. The Chairman reported that the consolidated profit after tax for 2022 amounted to GH¢158 million compared to GH¢104 million in 2021.

The Chairman said following the approval granted by the Shareholders at the last Annual General Meeting, the Company's name had successfully been changed to TotalEnergies Marketing Ghana PLC with a new logo which had been registered at the Companies Registry.

Mr. Ebanga added that the new name had been adapted for all Company transactions and that the company has subsequently embarked on a program to rebrand all Service Stations on the network and all other Company facilities to reflect the new name and new image.

The Chairman assured the Shareholders that TotalEnergies Marketing Ghana PLC would continue to improve upon its Products and Services through innovative ways to continue to deliver excellent results and good returns on Shareholders' investment.

Responding to some operational questions from Shareholders, the Managing Director of the TotalEnergies affiliate, Mr. Olufemi Babajide, indicated that TotalEnergies Marketing Ghana PLC, has so far solarized 102 as at the end of 2022. He said the Service Stations that had benefitted from these solar installations had recorded significant savings in electricity consumption for their operations thereby reducing the Company's direct emissions from owned or controlled sources within the framework of the TotalEnergies climate ambition.

On Board matters, Mr. Ebanga announced to Shareholders, the appointment of Mrs. Mercy Samson as a non-executive Director effective from 1st November 2022. Shareholders also approved the re-election of two independent non-executive Directors who retired by rotation namely Messrs. John Mawuli Ababio and Rexford Adomako-Bonsu.

Shareholders further approved a final dividend of GH¢77.067 million representing GH¢ 0.6889 per share in respect of the year ended 31st December 2022 to be paid to Shareholders on 7th July 2023 subject to withholding tax where applicable. This culminates into a total dividend of GH¢ 116,743 million representing GH¢1.0435 per share, an increase of over 40% in total dividend to be paid compared to 2021. This increment translates to a dividend yield of 26.09% for the year 2022 compared to 14.84% in 2021.