GOIL increases profit by 20%, approves Exxon Mobil partnership deal

Mr. Kwamena Bartels reading the resolutions to the Shareholders. With him are Mr. Patrick Akorli and other Board members

GOIL has made a consolidated profit after tax of GH₵81.9million. The company has also, by resolution, changed its name from Ghana Oil Company Limited to GOIL Company Limited.

This was disclosed by the Board Chairman of GOIL, Kwamena Bartels, at the 50th Annual General Meeting (AGM) held in Accra.

“Over the last five years, the company’s profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GH₵81.9million, up by 26%. The assets of GOIL as a group grew by 30%, from GH₵1,036billion to GH₵1,346billion.

“Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share,” Kwamena Bartels reported.

As a result, the Board of Directors proposed a dividend of GH₵0.042 per share, a 50% increase over that of the year 2017.

The Board of Directors also approved a change of the company’s name from Ghana Oil Company Limited to GOIL Company Limited, and gave approval to its partnership with ExxonMobil on exploration of the deep-water Cape Three Points oil field.

Shareholders approving to the resolutions

On issues of Health, Security, Safety and Environment, Hon. Kwamena Bartels said GOIL is committed to achieving the goal of ‘Zero harm’ to staff, customers and communities in which they operate. Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realisation of this goal. Rigorous security measures with assistance from the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas where armed robbers attack were rampant.

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Mr. Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.

The Group CEO and Managing Director, Mr. Patrick AKorli – who is retiring after over 23 years of service, assured shareholders the company is on the path of growth.

He noted that GOIL is embarking on major diversifications of portfolio to boost profitability and ensure a solid future. He therefore asked shareholders to continue believing in GOIL.

To tap his rich and immense experience, Mr. Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL.

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