GOIL records GH¢99m profit

GOIL Company Limited recorded a net profit of GH¢99million in 2021, an increase of nine percent over the previous year.
  • set to complete US$35m bitumen plant June ending
  • New businesses to deliver future growth

GOIL Company Limited recorded a net profit of GH¢99million in 2021, an increase of nine percent over the previous year.

The profit growth was driven by improvement in fuel sales volumes of 886.6 million litres, over 11 percent above that of the previous year, and also above the industry’s average of nine percent despite what the company described as challenging nature of the year under review.

Consequently, earnings per share increased from GH¢0.23 in 2020 to GH¢0.253 in 2021, while its total assets increased from GH¢2.1billion to approximately GH¢2.5billion during the period under review.

“Our financial performance meant the Board was able to approve a final dividend of (Gh¢0.047) per share (2020: Gh¢0.045),” its Board Chairman, Reginald Daniel Laryea, said during the company’s 53rd Annual General Meeting in Accra.

The biggest contribution to sales revenue came from two main products, diesel and super or petrol, particularly the Ron 95 variety.

“Our mix of other products including lubricants and specialised sales to specific industries like the mines and bunkering achieved mixed results, their contribution to the bottom-line was, however, positive.

“We achieved a 21 percent growth in our aviation business and maintained our dominant position in the local aviation market. We continue to seek out the right partnerships to guarantee our long-term growth,” he added.

Bitumen plant

The downstream oil company said works on its US$35million bitumen plant are 99 percent complete and will come onboard by June ending this year.

The plant, a partnership with Societé Multinationale de Bitumes (SMB) of Côte d’Ivoire, was initially scheduled to be completed last September but for what GOIL described as COVID-19 restrictions and technical hitches.

However, Group Chief Executive Officer and Managing Director of the state-owned firm, Kwame Osei-Prempeh, said the plant with storage capacity of 6,000 metric tonnes of base bitumen and production capacity of 240 metric tonnes per day for each of the bitumen emulsion and the polymer modified bitumen (PMB), will be ready by end of this month.

New businesses to deliver future growth

The company is banking on its new businesses to spearhead its growth in 2022 and beyond.

“We are confident that the bold initiatives we have outlined, especially our LPG & Bitumen plants, alongside our determination to find a suitable partner to replace Exxon Mobil in our upstream endeavour are game-changers that will definitely propel GOIL to the next level,” Mr. Laryea noted.

Another area that GOIL is looking to for new opportunities, he said, is in the global technological space: “The opportunities that these advancements present have driven us to exploring new business opportunities such as the electric powered transportation systems. Entering that market will help GOIL and Ghana in general to reduce carbon emissions, in addition to GOIL remaining competitive in the industry.

“We are optimistic we will remain vigilant, diligent and focused on the key value drivers of the growth of our business.”

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