CHAIRMAN'S STATEMENT 2015.
Financial year 2015 was a very challenging year operationally for our Company. Coinciding with our Country's general election business activities in the country was a bit slower than usual however the main challenge that faced our Company was the drastic shortage of electricity during the last half of the year. This had adverse effect on our Company's ability to produce sufficient products for the market.
Despite the difficult environment, the Company recorded revenue of Tshs 14.9 Billion. This was a marginal growth of 2% from Tshs 14.6 Billion in the financial year 2014 while profit after tax grew by 11% from 2.02 Billion recorded in 2014 to Tshs 2.2 Billion in 2015. This means that our Company has now managed to completely roll back the past accumulated losses and has a positive surplus of Tshs 0.5Bn. I am pleased therefore to say that TOL Gases Ltd has now completed the turnaround that begun in 2011aimed at reversing the accumulated losses as evidenced by the positive earnings per share graph below.
The Board of Directors and the Management have already begun working on the implementation of post turnaround strategies aimed at making TOL Gases Ltd an attractive investment both for current shareholders and potential investors. Post turnaround strategies in the main are geared towards expansion of TOL Gases Ltd operations in to the neighbouring countries of SADC and E. Africa community with the aim of maximising the production and distribution capacity the Company has been building during the turnaround period. Various vehicles are being explored and evaluated from strategic alliances to direct entry with the sole aim of accelerating the shareholder's earnings from TOL Gases Ltd. Save for any unforeseen barriers we expect to have launched our very first TOL Gases Ltd branch outside Tanzania in Harare Zimbabwe by the end of the financial year 2016.
Vote of thanks
I would like to salute the valued contribution of our dedicated members of staff who have continued to apply themselves diligently and purposefully to realise the turnaround that we have now witnessed. Similarly, I would like to thank the Board of Directors, Management, our valued customers and all stakeholders for their patience and their support during the turnaround process. We can all be proud of what we have achieved so far. It gives me a lot of confidence in the future of our Company.
Eng. Harold Temu
Thank you all and God bless you.!!!!!!!