TOL Gases shareholders will smile all the way to the bank as dividend per share rose by 25 per cent thanks to profit increase.
The 28th annual general meeting held over the weekend in Dar es Salaam endorsed the dividend of 50/- per share for last year up from 40/- paid in 2021.
“Our company’s journey has been good. I assure the stakeholders that the company is at good state,” Mr Simon Mponji, chairman of TOL Gases said.
On other hand he said the company was eyeing to venture into natural gas business in the country.
“We will start in Dar es Salaam. We have already selected a team of our experts so as to look at issues for entering in this market, the team will consider technical and financial modelling to make,” he stated.
TOL Managing Director Mr Daniel Warungu said shareholders have endorsed a dividend of 50/- per share, which is an increase of 10/- comparing to last year.
“Next year we look forward to increasing it further,” he said, noting that the company made profit of 2.8bn/- in 2022, comparing to a profit of 2.1bn/- in the 2021.
TOL Gases formerly known as Tanzania Oxygen Limited listed on the Dar es Salaam Stock Exchange (DSE) and has been a pioneer in the gas industry in Tanzania for several decades and is 89 per cent owned by Tanzanians.
It is the leading manufacturer and distributor of industrial and medical gases in Tanzania.
TOL Gases Limited was established in 1950 as a branch of the African Oxygen and Acetylene Company (AFROX) of South Africa. In 1965 the Company became the branch of East Africa Oxygen Limited of Kenya which was a part of BOC gases Group.
In 1986 BOC divested from Tanzania as part of its re – organisation and offered its stake to the government and therefore the company was fully owned and managed by the government.
