TotalEnergies Marketing Ghana PLC reported a 69% year-on-year surge in net profit to GH¢291.9 million ($24.3 million) for 2024, driven by increased petroleum product sales and operational efficiencies.
Revenue climbed 16% to GH¢7.02 billion ($584 million), marking the company’s third consecutive year of double-digit growth.
The Accra-based subsidiary of French energy giant TotalEnergies SE proposed a final dividend of GH¢2.57 per share, bringing total 2024 payouts to GH¢3.22 per share – a 186% increase from 2023 levels. This follows improved liquidity, with cash reserves standing at GH¢170.9 million despite a GH¢67.4 million bank overdraft.
Key subsidiary Ghanstock Limited, which operates petroleum storage facilities, remained loss-making with net liabilities of GH¢50.3 million. However, executives affirmed its strategic importance for supply chain resilience. The company’s 48.5%-owned Ghana Bunkering Services associate contributed GH¢709,000 to profits, reversing 2023’s GH¢73,000 loss.
Auditors PricewaterhouseCoopers flagged “significant judgment” in calculating GH¢44 million trade receivable impairments but issued an unqualified opinion. The allowance for doubtful debts represents 7.7% of total receivables, up from 7.3% in 2023.
Corporate social responsibility spending fell 44% to GH¢458,528, with management citing redirected funds to “safety-focused initiatives.” Employee benefits obligations grew 11% to GH¢20.7 million amid inflationary pressures.
TotalEnergies Ghana’s performance reflects both global energy trends and local market dynamics. The 16% revenue growth outpaces Ghana’s 10.7% average inflation rate for 2024, suggesting real-terms expansion in fuel demand. This aligns with World Bank data showing sub-Saharan Africa’s petroleum consumption rising 3.8% annually through 2025.
The dividend surge signals confidence in sustained profitability, though reliance on short-term credit facilities – evidenced by GH¢287.5 million in related-party payables – warrants monitoring. The 55%-owned Ghanstock subsidiary’s continued losses highlight challenges in Ghana’s downstream infrastructure sector, where storage capacity utilization averages 62% according to National Petroleum Authority reports.
Market analysts note TotalEnergies’ 1.5% stake in lubricant manufacturer Tema Lube Oil positions it to benefit from Ghana’s industrial growth, projected at 4.5% for 2025 by the IMF. However, currency risks persist – 38% of liabilities are foreign-denominated, primarily in USD and EUR, exposing the firm to potential cedi volatility.
As Ghana implements its Energy Transition Framework, TotalEnergies’ ability to balance traditional fuel sales with emerging renewable opportunities may prove decisive. The company’s 2024 capital expenditures of GH¢114.6 million, focused on service station upgrades, suggests a near-term strategy of conventional retail network optimization.
