TotalEnergies Achieves GHS 286M Profit in 2024 and Contributes GHS 1.7B in Taxes to Ghana

TotalEnergies Marketing Ghana PLC reported a notable increase in profits for 2024, posting GHS 286.67 million in profit after tax, a significant rise from GHS 167.91 million in 2023. This performance was largely driven by higher revenue and enhanced operational efficiency. The company’s revenue grew to GHS 6.99 billion, up from GHS 6.04 billion in 2023, though the cost of sales also rose to GHS 6.21 billion from GHS 5.43 billion.

The company’s gross profit reached GHS 781.54 million, while its operating profit before financing costs stood at GHS 480.76 million, up from GHS 322.35 million in the previous year. Despite increased costs, TotalEnergies demonstrated resilience in its financial performance, delivering strong results in a challenging macroeconomic environment.

In addition to financial gains, TotalEnergies made a substantial contribution to the Ghanaian economy by paying GHS 1.7 billion in taxes. This figure includes various taxes, such as 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. The company also contributed to corporate taxes, import duties, and PAYE, reinforcing its pivotal role in national revenue generation.

Looking ahead, TotalEnergies Marketing Ghana’s Managing Director, Olufemi Babajide, expressed confidence in the company’s future growth. Despite the challenging macroeconomic conditions, he emphasized the company’s commitment to delivering high-quality products and services in 2025. The company’s strong financial performance and tax contributions highlight its continued importance in Ghana’s petroleum sector.

Source: citi newsroom