Total Energies Ghana PLC Reports Strong Q1 2024 Profit Growth
Total Energies Marketing Ghana PLC announces a notable increase in profit for the first quarter of 2024, despite a slight drop in revenue. Share appreciation and asset growth highlight the company's resilience and strategic management.
In the latest financial report from Total Energies Marketing Ghana PLC, the company has showcased robust performance, marked by a significant increase in profit for the first quarter of 2024. With a profit of GH¢49.33 million, the company has outpaced its performance from the same period in 2023, where it recorded a profit of GH¢38.73 million.
Despite a slight decline in revenue from GH¢1.62 billion to GH¢1.55 billion compared to the first quarter of the previous year, Total Energies managed to maintain a solid financial position. General, selling, and administrative expenses also experienced a marginal decrease from GH¢1.47 billion to GH¢1.38 billion.
Investors have reason to celebrate as Total Energies' shares on the Ghana Stock Exchange appreciated significantly, climbing from 0.3463 per share in the first quarter of 2023 to 0.4410 per share in 2024, indicating growing confidence in the company's performance.
Furthermore, Total Energies demonstrated sound management of its assets, with total assets witnessing growth from GH¢1.85 billion in the first quarter of 2023 to GH¢1.87 billion in 2024. Simultaneously, the company managed to reduce its total liabilities from GH¢1.33 billion to GH¢1.30 billion, reflecting a strengthening balance sheet.
Overall, the financial results underscore Total Energies Marketing Ghana PLC's resilience and strategic agility in navigating market challenges while delivering value to its shareholders.
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