TOL Gas has cemented its revenue making spree after posting a net-profit raise by 23 per cent last year shaking off its loss making era.
The firm, according to the financial statement issued yesterday, posted a net profit of 2.62bn/- last year up from 2.17bn/- in 2017.
The profit came after the sole industrial and medical gas firm gross profit jumped up over 20 per cent to 8.35bn/- from 6.88bn/- in 2017.
Zan Securities Chief Executive Officer Raphael Masumbuko said the listed firm has entered into a new era of profit making from loss.
“The trend of TOL profit making portraying that the loss making history is behind the firm.
“The future of TOL seems promising due to a number of opportunities derived from the country’s industrialisation policy,” Mr Masumbuko told the ‘Daily News’ yesterday.
The results pushed up the firm basic and diluted earnings per share from 37/71 in 2017 to 45/46 in 2018.
According to Tanzania Securities daily market report TOL share have stagnated at 660/- since the beginning of this year.
TOL was the first stock to be listed on Dar es Salaam Stock Exchange (DSE) some two decades ago but has yet to issue dividends ever since.
Some stock brokers hesitated to comment on whether TOL may announce dividend in the end of the month annual general meeting after some five years of profit making. However, some said the trend was pointing to dividend announcing in very near future.
TOL ran into loss making two years after being listed on Dar bourse and its share plunged to 260/- a lowest level compared to IPO price of 500/-.
But the current management turnaround strategies paid off and share price started to climb up and reached 870/- April 2016 before slumped to 660/- of yesterday.