Total Petroleum to scale up brand investment to boost market share

Accra, May 30, GNA - Total Petroleum Ghana has said it would continue to invest in its brand to boost market share and ensure that it scaled difficulties in the competitive and challenging petroleum downstream industry.

“The company will continue to invest in all segments of its activity, remaining focused on the quality of its products and services which are the fundamental elements of customer satisfaction,” Mr Stanisias Mittelman, Board Chairman told shareholders at the 36th Annual General Meeting.

Mr Mittelman said since success depended on dealing with difficulties amidst competition, the company would remain committed to running the business in line with the high standard of ethics and business conduct.

On financial performance, he said, the company's revenue in 2011 was GH¢971.683 million compared to GH¢738.910 million in 2010, representing a 31.5 percent growth.

The company's net profit increased by 7 percent to GH¢22.564 million as against GH¢21.046 million.

Mr Mittelman said the growth in profit was due to the sale of higher valued products and new products and services to customers as well as diversification of network activities.

He said the company also scaled up investments in 2011 to GH¢14 million which enabled the company to improve the quality of its service stations, installations at general customer sites and launch of a new customer service centre at the head office.

Shareholders approved a total dividend of GH¢1.14 per share, made up of an interim dividend of GH¢0.48 and a final of GH¢ 0.66.

GNA