TotalEnergies Marketing Ghana PLC announced a post-tax profit of GHS 286.67 million for the fiscal year ending December 31, 2024, representing a substantial increase from GHS 167.91 million in 2023. This impressive growth was attributed to enhanced revenue and greater operational efficiency.
The company’s revenue rose to GHS 6.99 billion, an increase from GHS 6.04 billion the previous year, driven by higher sales and effective market strategies. However, the cost of sales also escalated to GHS 6.21 billion, compared to GHS 5.43 billion in 2023.
Gross profit reached GHS 781.54 million while operating profit before financing costs was recorded at GHS 480.76 million, up from GHS 322.35 million in the prior year.
In addition to its financial achievements, TotalEnergies Marketing Ghana contributed significantly to the Government of Ghana, paying GHS 1.7 billion in taxes in 2024. This includes GHS 680.5 million in petroleum taxes, GHS 348.3 million in levies and VAT, and GHS 222.6 million to the Unified Petroleum Price Fund (UPPF).
The company also disbursed GHS 180.3 million in other petroleum taxes, GHS 96.5 million in corporate taxes, GHS 74.4 million in import duties, and GHS 66.7 million in withholding taxes. Furthermore, GHS 21.5 million was allocated under the GSL, while GHS 14.4 million was directed towards PAYE.
The basic earnings per share rose to GHS 2.5624, an increase from GHS 1.5009 the previous year, indicating strong value creation for shareholders.
During the Facts Behind The Figures event hosted by the Ghana Stock Exchange, Olufemi Babajide, the Managing Director of TotalEnergies Marketing Ghana PLC, expressed confidence in the company’s ability to provide exceptional services in 2025.
“Despite the challenging macroeconomic conditions in the country, we successfully navigated through 2024 and achieved record performance. We are optimistic about continuing our growth in 2025 and delivering clean, affordable, and high-quality products and services to our customers,” he stated.
TotalEnergies Marketing Ghana’s financial and tax contributions highlight its strength within the petroleum sector, solidifying its position as a significant industry participant and aiding in the generation of national revenue.
