The newly constituted board of GOIL Company Limited (GOIL) has said it will prioritise growing the firm’s profit by strengthening proper systems, efficiency while reducing waste.
GOIL’s profit after tax in 2020 dropped to GH¢90.03 million down by 14.5 percent compared to the previous year’s GH¢105.5million.
But the new board, chaired by Reginald Daniel Laryea, is hopeful the fortunes of the state-owned oil marketing firm, with portfolios in bitumen production and a stake in the deep-water Cape Three Point project, can be turned around with a united front.
“Together with my team, we are going to commit to making GOIL a better place than we found it,” Mr. Laryea said during the company’s extraordinary general meeting in Accra.
He said his tenure at GOIL will be marked with greater emphasis on systems that work well, efficiency and elimination of waste
“We would like to welcome greater profitability and improve on corporate governance.”
Another area the new board chairman pledged to improve is shareholder value.
“We will not lose sight of shareholder value; it will be one area that we will look to improve upon.”
GOIL earlier this year proposed a final dividend of GH¢0.045 per share for the year ended 31st December 2020, same as 2019, despite the drop in profit.
He added: “I can assure you that our predecessors have done a great job to bring GOIL this far and our commitment is to build on the successes of the past.”
The new board takes over from the previous one led by Kwamena Bartels.
“It is a great honour to assume this position. I must thank the almighty God for making this day possible and to the President,” Mr. Laryea said of his appointment.