Goil PLC posts GH¢84.7m profit

GOIL PLC recorded a profit of GH¢84.7 million last year, 54.82 per cent growth on the GH¢54.7 million posted in 2023.

The growth was achieved through prudent financial management, strategic marketing and operational efficiency.

While operating costs increased by 11.2 per cent and finance costs by 20.25 per cent, these were offset by strong revenue generation and disciplined asset management. 

Total consolidated assets expanded by 20.1 per cent to GH¢4.8 billion, with current assets showing a robust 34 per cent growth, primarily driven by increased trade receivables. 

Earnings per share rose significantly by 54.3 per cent, from GH¢0.140 to GH¢0.216.

In line with the sustainable value creation agenda, the Group proposed to maintain a dividend per share of GH¢0.056 for 2024, balancing short-term shareholder returns with long-term financial stability.

The Board Chairman of the Goil PLC, Nana Philip Archer, who made this known at the 56th Annual General Meeting (AGM) in Accra last Thursday, said the global economy in 2024 was shaped by a series of elections across more than 40 countries, resulting in heightened geopolitical tension, supply chain disruptions and trade protectionism. 

These external factors, he said, dampened investor confidence globally.

“Domestically, Ghana continued its fiscal consolidation efforts under the International Monetary Fund’s (IMF) Extended Credit Facility. 

The economy, driven by the services, agriculture and industrial sectors, recorded a stronger than expected GDP growth of 5.7 per cent, despite ongoing inflationary pressures and exchange rate instability,” he stated.

These dynamics, he said, created a challenging but not insurmountable business environment.

2025 Outlook

Looking ahead, he said with a peaceful political transition and a stabilised macroeconomic outlook, 2025 offered a window of opportunity. 

Mr Archer said key initiatives for the year would include the expansion of the LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tonnes, aimed at advancing the Cylinder Recirculation Model. 

He said Goil also aims to deepen market penetration in the aviation, mining and auto gas segments. 

He said continued automation of business processes remained a key priority, adding that these investments would drive cash flow, enhance competitiveness, and position GOIL for future growth.

“Our strategic focus in 2025 will be on embedding innovation, technology, and robust risk governance into our corporate DNA. The Board remains committed to excellence in corporate governance and ethical leadership. 

We will prioritise integrated risk management, real-time compliance monitoring and technology adoption to safeguard the future and deliver lasting value to our stakeholders,” Mr Archer stated.

Competitiveness 

Speaking to the media on the sidelines of the AGM, the Managing Director of Goil PLC, Edward Abambire Bawa, outlined three key objectives to transform the company into the country’s leading Oil Marketing Company while ensuring competitiveness and adapting to green transition innovations. 

He explained that achieving market leadership, maintaining competitive pricing and embracing new green innovations would enable the company to increase profits and boost share value.

He revealed that there were strategies already underway, including sourcing products from cheaper suppliers to ensure competitive refinery and pump prices, while seeking patient capital to reduce the company’s huge overdraft burden that had resulted in high financing costs.