TOL posts 26% increase in revenue

TOL Gases
TOL Gases has recorded revenue growth of 26 per cent this year, whereby revenue has increased from 6bn/- recorded last year to 7bn/- this year.

The TOL board chairman, Mr Harold Temu, said the growth was recorded in the wake of comprehensive and strategic initiatives geared to improve the company’s performance.

“Besides these achievements recorded, there was similarly, a positive upturn in the company’s profitability recording an after tax profit of 120bn/- compared to an after tax loss of 2bn/- in the year 2010,” he told stakeholders during the company’s Annual General Meeting held in Dar es Salaam on Thursday.

Similarly, the firm’s share price has appreciated from 190/- per share when the new board took over to the present share price of 240/- per share, Mr Temu said.

“It is encouraging to note that even though the company is not yet in a positive to pay dividends, shareholders’ wealth has grown by about 2bn/- within that short time,” he said.

According to the board chairman, the profit making trend is set to continue in the forthcoming years. “Already during the six months to June 2012, the company recorded 500m/- profit,” he noted.

TOL has  invested 6.2bn/-in various projects.

The projects included the expansion of CO2 production capacity from 5,040 tonnes to over 19,000 tonnes a year.

According to him, the project is expected to strengthen the company’s performance significantly.

“Company now needs to quickly focus on realizing its planned entry into Liquefied Petroleum Gas market come 2013 as per the turnaround strategy,” said Mr Temu.

Addressing the meeting, TOL executive director, Mr Daniel Warungu, said during the last two years, the company has invested heavily in hardware and other physical infrastructure to ensure that TOL has the technological capabilities and capacities able to support its ambitious growth strategy.

A senior shareholder of TOL, Mr Anold Kileo, expressed his optimism that the company was now heading to the right direction, because of strategic plans being installed by the company management.
Source: The Citizen, thecitizen.co.tz, reported from Dar es Salaam
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