TotalEnergies Marketing Ghana PLC has released its unaudited financial statements for the year ended December 31, 2024, showcasing a robust performance with significant growth in revenue and profitability.
The company, a leading marketer of petroleum and allied products in Ghana, reported a 16% increase in revenue, driven by strong performance across its network and commercial business divisions.
Financial
TotalEnergies Marketing Ghana PLC reported a 16% increase in revenue, rising to GHS 7.02 billion in 2024 from GHS 6.06 billion in 2023. This growth was driven by increased sales across its network and commercial divisions, despite challenging market conditions. Gross profit also saw a substantial increase, climbing to GHS 797.9 million from GHS 621.6 million in 2023, reflecting improved operational efficiency and cost management.
Operating profit before financing costs increased by 53%, reaching GHS 495.5 million, compared to GHS 324.8 million in 2023. Net profit after tax surged by 69%, standing at GHS 287.7 million, up from GHS 169.9 million in the previous year. Earnings per share (EPS) also saw a significant rise, increasing to GHS 2.5692 from GHS 1.5105 in 2023.
Cost Management and Operational Efficiency
The company managed to control costs effectively, with cost of sales increasing to GHS 6.22 billion from GHS 5.44 billion. General, administrative, and selling expenses rose to GHS 373.4 million from GHS 345.7 million, reflecting increased operational activities. Despite these increases, the company’s gross profit margin improved, driven by better cost management and operational efficiency.
Cash Flow and Balance Sheet Strength
TotalEnergies Marketing Ghana PLC generated GHS 481.8 million in cash from operating activities, up from GHS 376.9 million in 2023. Net cash flow from operating activities stood at GHS 308.9 million, compared to GHS 229.6 million in the previous year. The company invested GHS 114.6 million in property, plant, and equipment, reflecting its commitment to maintaining and expanding its infrastructure.
The company’s cash and cash equivalents increased to GHS 170.9 million at the end of 2024, up from GHS 258.3 million in 2023. Total assets remained stable at GHS 1.93 billion, while total equity increased to GHS 605.7 million from GHS 486.2 million, driven by retained earnings.
Strategic Outlook
TotalEnergies Marketing Ghana PLC remains focused on driving growth through operational efficiency, cost management, and strategic investments. The company plans to continue expanding its network and commercial divisions to sustain its upward trajectory. Management is also exploring opportunities to enhance profitability and deliver value to shareholders.
In a joint statement, Olufemi Babajide, Managing Director, and Rexford Adamako Asunsu, Director, expressed confidence in the company’s future prospects. “We are pleased with the strong performance in 2024, which reflects our commitment to operational excellence and strategic growth. Despite the challenging market conditions, we have achieved significant growth in revenue and profitability, and we remain focused on delivering value to our stakeholders in the coming year.”
TotalEnergies Marketing Ghana PLC’s 2024 financial results reflect a company that has successfully navigated a challenging operating environment. With strong revenue growth, improved profitability, and a solid balance sheet, TotalEnergies Marketing Ghana PLC is well-positioned to continue delivering value to its shareholders and customers in 2025 and beyond.
