GOIL holds AGM

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51st Annual General Meeting
GOIL Company Limited's 51st Annual General Meeting

GOIL Company Limited, GOIL, recorded an impressive performance in 2019, with profits increasing by 29 percent and sales growing by 9.66 percent.

Addressing shareholders at the company’s 51st Annual General Meeting held virtually and streamed live by video link to all shareholders in Accra, Board Chairman Kwamena Bartels disclosed that GOIL’s growth in sales volume of fuel was higher than that of the Industry for the first time in many years.

While the Industry grew by 6.44%, GOIL sales went up by 9.66%. Profit after tax stood at GH¢105.5million, up by 29% compared to the year 2018. The Board of Directors therefore recommended the payment of dividend at GH¢0.045 per share, as against GH¢0.042 in 2018 – amounting to GH¢17,633,841 for the year ended 31st December 2019.

He told shareholders the main drivers behind this growth were not sales of the traditional products – Diesel XP and Super XP which traditionally form about 90% of the sales volume, but rather the sale of mining diesel, bunkering and aviation fuel.

Earnings per share moved from GH¢0.209 to GH¢0.269, while total assets increased from GH¢1.345 billion to approximately GH¢1.716billion.  Explaining the reason for the dividend declaration, he said the company has embarked on projects that have potential to yield higher gains in the future, and therefore decided to retain a considerable amount of the earnings per share to help finance the projects.

The Group CEO/Managing Director of the Company, Mr. Kwame Osei-Prempeh, assured shareholders that the company’s future prospects remain bright – with the hope that as the world gradually gets rid of COVID-19, the sale of non-traditional products will continue to increase overall sales as experienced during the year 2019.

He told shareholders the Bitumen project embarked upon by the company is ongoing and will be operational during the year 2021. Work regarding the construction of a Gas Cylinder Refilling plant has also started in earnest, and the company hopes to complete the project by 2021.

Hundreds of Shareholders across the country and other parts of the world joined the AGM electronically, participating and voting on all the resolutions passed at the Virtual AGM.

They included changing the company name from GOIL Company Limited to GOIL Company Limited PLC, in compliance with the new companies Act (Act 992), and the re-election of three Directors who were retiring by rotation.

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