Mushrooming rogue gas companies threaten to erode the trust and confidence built by respectable gas business players that have served the region over decades.
This was said by TOL Gases Limited Managing Director, Daniel Warungu, who was speaking at the opening of the company’s Annual General Meeting in Dar es Salaam on Friday.
He appealed to government to tighten controls to curb the rise of dishonest gas players. Mr Warungu said TOL Gases Limited has the largest air separation plant in East and Central Africa with the capacity to produce 31 tonnes of industrial gases per day.
“Very soon customers will be able to benefit from the size and scale of this plant,” noted Warungu.
TOL Board Chairman, Harold Temu speaking at the same meeting said despite numerous challenges, the company’s performance over the last three years is encouraging.
The company registered a revenue growth of 26 and 30 per cent during the financial years 2011 and 2012, respectively.
“This is an indication that our comprehensive strategic plan has started producing results…in other words we are in the right direction,” Mr Temu told TOL’s stakeholders gathered at the meeting.
He said the company faces serious challenges and tough competition from within and outside the country.
With supporting figures, the board chairman showed how TOL’s profit after tax grew from from 120m/- in 2011 to 952m/- in 2012 is a clear testimony of the company’s bright future.
As part of its expansion plans, clearly specified in the broader TOL’s strategic plan, the company has completed construction and commissioning of a state-of-the art carbon dioxide manufacturing plant in Rungwe District in Mbeya.
The plant will uplift the company’s production capacity by over 200 per cent, “Enabling TOL to meet local and export carbon dioxide demands in the East African Community (EAC) and Southern Africa Development Cooperation (SADC).
“In recognition of its reputation as a supplier of good grade carbon dioxide and nitrogen, TOL has taken steps to ensure that the production of gases is maintained at the highest international standards,” said board chairman, adding that, “In order to achieve this, we have put in place systems and processes leading to food safety s
