GOIL increases dividend to shareholders

Shareholders of Ghana Oil Company Limited (GOIL) are to benefit from a 25 per cent increase in dividend following a growth in profit after tax of 10.4 per cent.

They are to receive a dividend of GH¢0.025 per share for the year ending December 2015 as against GH¢0.020 per share declared the previous year.

The approved GH¢0.025 per share amounts to GH¢6.3 million  compared with GH¢5.0 million for the previous year. Profit after tax was GH¢22.2 million  in 2015 as against GH¢20.1 million the previous year.

Giving more details of the company’s performance, the chairman of the Board of Directors, Professor William Asomaning, said GOIL achieved the biggest market share of 17 per cent among over 85 oil marketing companies despite challenging marketing conditions and stiff competition. 

GOIL’s fuel sales, he said, exceeded its own target by 20 per cent during the year 2015.

The company, he said, remained on course to achieve successes in the retail business through competitive pricing, offering quality additivated products and value for fuel purchased by customers.

“GOIL continued to focus on growing its core business through value-added joint venture engagements, takeover of distressed competitor stations and acquisition of new stations,” he said.

On future prospects, Prof Asomaning said GOIL would continue to extend its operations towards the upstream sector, providing other services apart from bunkering and improve on added services such as the electronic card payment system or the GOIL Advantage card. The company, he said, would also reinvigorate its efforts to supply bitumen to satisfy growing national demand.

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“GOIL intends to establish itself in every district and the name must be a household one and should be associated with quality products and excellent service delivery,” he assured shareholders.

The Managing Director of GOIL, Mr Patrick Akorli, commended management and staff for the positive performance assuring the company was on the path of growth and would focus on major expansion projects to position it as a big player in the fuel retail business in West Africa.