This is compared to GH¢158 million it recorded in the same period of 2022.

For the year ending December 31, 2023, the Group also recorded a revenue growth to GH¢6,059 million from the GH¢5,686 million it posted in 2022. 

This performance, it said, demonstrated the resilience of the company’s operating strategies, considering the difficult business environment that characterised the year in review.

The Board Chairman of the company, Phillipe Ebanga, announced this in the company’s annual report.

Dividend

Meanwhile, the board is expected to recommend for shareholders’ consideration and approval, a final dividend of GH¢81.018 million, representing GH¢0.7242 per share in respect of the year ended December 31, 2023. 

This will sum up to a total dividend of GH¢126.106 Million, representing GH¢1.1272 per share, an increase of eight per cent in total dividend to be paid compared to 2022. 

The increment translates to a dividend yield of 27.76 per cent for the year 2023 compared to 26.09 per cent in 2022.

The final dividend recommended by the Board, if approved by shareholders, will be paid to shareholders on July 31, 2024 subject to withholding tax where applicable. 

According to the board chairman, “The board of directors approved an interim dividend payment of GH¢45.088 million, representing GH¢0.4030 per share in October 2023 which was paid to shareholders in December 2023.”

CSR activities

On the company’s Corporate Social Responsibility (CSR) initiatives, Mr Ebanga said these were targeted at the areas of public health, environmental protection, education, entrepreneurship, road safety, sports, and access to clean energy within the communities in which it operates. 

In the year under review, he said: “the company worked with partners which shared in its vision to impact its communities through donations, sponsorships and innovative programmes such as tree planting, beach cleaning, entrepreneurial training, mentorship, career fairs, collaborations with universities and many more actions.”

To highlight but a few of the company’s CSR activities during the year 2023, Mr Ebanga said a combined total of 9,000 trees were planted at Agomeda and Kwamoso both in the Eastern Region.

“Over 300 pupils were mentored and trained on personal hygiene and negotiation skills at the Nima cluster of schools. The management and staff of the company also cleaned the Winneba Beach to mark World Clean-up Day.

The company also implemented the “Helmet4Life” Campaign to educate motorbike riders on road safety during which over 3,000 crash helmets were distributed to motorbike riders across the country.” He added. 

Under the company’s Education Partnership Scheme, the board chairman said “TotalEnergies Professors Associates facilitated Climate Change and New Energies courses at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi and the University of Mines and Technology (UMAT) in Tarkwa during the year 2023.

Outlook

By way of the company’s outlook, Mr Ebanga said the management team of the company continued to demonstrate resilience and agility in carving out and implementing strategies to navigate the ever-changing and difficult business world. 

“They have implemented the most innovative and focused actions to sustain the company’s business in a challenging business environment. Undoubtedly, 2024 may not be different from the past year. 

However, we are optimistic that the management team will deploy strategic actions as far as is practicable to surmount these challenges and ensure that the company’s business remains viable.” He said.