Africa-Press – Tanzania. TOL Gases recorded a pretax profit of 2.4bn/- last year, up from 2.2bn/- registered in 2019, thanks to the increase in the company’s sales revenue.
During the period under review, sales revenue increased by 15 per cent to 19.82bn/-from 17.25bn/-in 2019.
Speaking during the TOL gases Annual General Meeting (AGM) which was held recently in Dar es Salaam, TOL Gases Board Chairman, Mr Michael Shirima said the company’s cash generated from trading activities improved by 11 per cent to a 6.015bn/-last year from 5.97bn/- recorded in 2019.
Also, it continues to be committed to its sales and operational efficiency as it seeks to continue enhancing value for its stakeholders.
Mr Shirima made the remarks while presenting the company’s annual report and audited financial statements for the year ended December 2020, where directors recommended payment of 34.78/- per share to shareholders as final dividend compared to 17.37/- paid in 2019.
Moreover, the company has more than 12000 shareholders who make contributions in respect of staff retirement benefits.
He said the directors confirm that the International Financing Reporting Standard (IFRS) has been followed and that the financial statements were prepared with a reasonable expectation that TOL Gases Limited has adequate resources to continue its operations.
Also, the company invested in property, plant and equipment to the value of 7.0bn/-during the year ended 2020 compared to 3.28bn/- in the preceding year.
Also, TOL gases has an environmental policy and take appropriate pollution control measures to comply with various environment and pollution-related statutes in the country.
TOL Gases Limited is the leading manufacturer and distributor of industrial and medical gases in Tanzania, with shares listed in the Dar es Salaam Stock Exchange and has been a pioneer in the gas industry in Tanzania for several decades.
