The TOL Gases Limited stock appreciated the most, during the Dar es Salaam Stock Exchange (DSE) registering a 14.75 per cent upside during the trading session last week closing the week at 700/- per share according to data from the DSE.
The TOL stock close at 610/- per share during the previous week’s trading session but market analysts believe that the company’s strong performance last year is behind investors’ appetite for the company’s stock.
Following an impressive performance exhibited last year, the board of Directors of TOL Gases Limited during the company’s Annual General Meeting in Dar es Salaam last Friday declared an annual dividend of 40/- per share to the company’s shareholders.
The approved dividend distribution is an increase from 34.78/- per share distributed in
2020.
According to the company’s financial statements for the year ending December 2021, the company’s revenue grew by 25 per cent from 19.8bn/- recorded in 2020 to 24.8bn/-, whereas Profit
After Tax (PAT) grew by 41 per cent from 2.3bn/- recorded in 2020 to 3.3bn/- in the financial year 2021.
Recent operational reforms and expansion strategies have contributed to growth in the
Company’s revenue and solidified its stance as a leading producer and supplier of industrial and medical gases in Tanzania and expanded its supply scope in to other SADC countries such as Zambia, Zimbabwe, The Democratic Republic of Congo and Malawi.
Speaking at the AGM, TOL Gases Board Chairman, Michael Shirima, commended the performance improvement and how the company stepped up its efforts to ensure the availability of medical Oxygen nationwide during the Covid-19 outbreak.
“The year 2021 was a very challenging year due to the effects of Covid-19 on all segments of the economy and society at large. I am pleased to report that the objective of keeping the nation supplied with medical oxygen at such a critical point was met, and I commend the Company for ensuring that sufficient medical oxygen was made available to patients at the various health care facilities,” he said.
Apart from reporting increased profits for the year 2021, TOL Gases Limited outlined the implementation of various strategies that are expected to significantly improve the financial performance of the Company. The Company has recently launched an additional carbon dioxide project in Rungwe District, which will double the Company’s production capacity for food grade carbon dioxide gas.
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