The company is also in the process of extending its visibility in new cities around the country for more proximity to customers.

Mr Paulo Fernandes, Board Chairman of the company, disclosed this at the company's Annual General Meeting in Accra.

The profit of the company fell from GHC 11,447,003 in March 2018 to GHC 6,098,941 in March 2019.

Turnover also declined from GHC 166,488,540 in 2017/2018 to GHC 163,547,253 in 2018/2019.

Mr Fernandes said the company's ambition is to become the most recognized automobile distributor in the country in terms of sales.

To realize this ambition, he said, the company has introduced new and facelift models of the Suzuki and Mitsubishi brand of vehicles.

"With the introduction of these models, management expects to compensate for the loss of the Citroen dealership which was separated in July, this year", Mr Fernandes said.

He said also with the introduction of some new models as the new Mitsubishi Outlander, the all new Suzuki Jimmy, Vitara, Cias and Ertiga, the company expects to boost sales and turnover for the year ahead.

'Our objective is not only to improve our sales with Mitsubishi and Suzuki range but also to give customer satisfaction with a better aftersales service and providing new services to customers', the Board Chairman said.

Mr Fernandes said in line with this vision the company launched a new activity named CFAO Pre-Owned Cars in September, which would enable the company to trade-in and trade-out customers vehicles to purchase a new one and also be able to offer certified used cars to new customers.

'We know that we can count on your support in the coming years to continue to build the company to be more prosperous and profitable', Mr Fernandes said.

A dividend of GHC 0.0124 per share, was recommended for payment to the shareholders.