TOL Gas Limited, the public manufacturer of industrial and hospital gases, on Tuesday unveiled its ambitious strategic plan to revamp production and boost marketability of its products amid intensifying competition as a result of increased investments in the gas sector.
"We are determined to take the company back into profitability," TOL's Board Chairman Harold Temu told the company's Annual General Meeting in Dar es Salaam, noting that the overall target is to generate 6bn/- profit within the first three years beginning 2011.

The chairman said the firm envisages stepping up strategies to increase sales volumes, cut down production and operational costs, improve efficiency and recruit competent staff with the views of generating profit in excess of 5bn/- by the end of 2013.

Mr Temu further said that the company has plans to set up a new factory and a well at Ituma village, Rungwe District in Mbeya region as part of the firm's drive to diversify its product and increase productivity.

The new factory for which 2.5 acres have already been acquired would greatly contribute to increased sales and revenues for the company. The chairman said the company had adopted remedial measures to check the loss making trend of the publicly listed company:

"And some of the measures included trimming our workforce by 28 per cent to reduce operational costs we are currently matching existing employees' talents and qualifications with business activities."

TOL has adopted university internship under the ongoing restructuring programme as the best strategy to nurture competent future employees. TOL Executive Director Daniel Warungu said that the firm's management has worked out several initiatives towards branding and marketing the company to survive stiff business competition in the market.

TOL board of directors has already approved a new company's logo and motto. "These tools (logo and motto) are currently going through registration process their inauguration is scheduled to coincide with the re-launching of the company's website," said Mr Warungu, referring to the company's 2011 financial performance indicating that the year will end profitably.

He described 2011 as the year of turning around the company and laying the foundation for the future even though the company faced several challenges including delays in obtaining and processing funds for implementing its strategic projects.

Tanzania Daily News/23/11/2011