GOIL reports impressive 26% profit growth in 2022

  • dividend up by 19%

GOIL PLC, an Oil Marketing Company, experienced significant growth in its performance during the year 2022, generating a profit of GH¢123.89million.

This impressive figure represents a 26 percent increase compared to the previous year.

As a result of this success, the company has announced a final dividend of GH¢0.056 per share for the 2022 financial year – indicating a growth of 19 percent when compared to the previous year.

Notably, GOIL PLC’s overall market share also experienced a substantial boost, rising from 15.32 percent in 2021 to 20.11 percent in 2022.

During the 54th Annual General Meeting, Reginald Daniel Laryea, the Board Chairman, expressed the company’s commitment to enhancing its operations and systems to provide superior products and services.

He emphasised the company’s dedication to its stakeholders, vowing to maintain its position as the leading oil marketing company in the country.

Laryea stated: “Despite the unfavourable internal and external conditions faced by Ghana in 2022, we were able to achieve a remarkable after-tax profit of GH¢123.89million, marking a 26 percent increase compared to the previous year”.

He continued: “Our earnings per share also rose to GH¢0.316 in 2022, surpassing the previous year’s figure of GH¢0.252. We are pleased to declare a dividend of GH¢0.056 to our esteemed shareholders, representing a 19 percent growth compared to the previous year.

“The future is bright for the company, as our long-awaited Bitumen business (in partnership with SMB of Ivory Coast) is now in operation. Furthermore, we are sure that once the current economic challenges are overcome, government will be able to construct more roads in the country – which will result in increased sale of bitumen,” he added.

Kwame Osei Prempeh, the Group Chief Executive Officer, highlighted the company’s utilisation of technology to enhance its cash collection methods. The implementation of a cashless system allowed customers to conveniently make purchases at GOIL service stations and other outlets.

Additionally, the company maintained its dominance in the Ghanaian bunkering market, expanding its market share from 60 percent in 2021 to an impressive 73 percent in 2022. The Bunkering sector is a crucial part of the shipping industry that involves supplying fuel to ships. GOIL has been in the business for over 30 years and operates both Offshore and Onshore, delivering bunkers by barge, pipeline and truck.

Shareholders in a resolution re-elected Ms. Angela Forson, Mr. John Boadu and Mr. Stephen Abu Tengan as Directors.

In attendance at the AGM were Board members, Management of GOIL and some Shareholders stakeholders, and the Company’s Brand Ambassador, Barima Azumah Nelson.


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