Shell Ghana Posts ?5.4bn Incomes

SHELL Ghana Ltd has recovered from a net loss of ?15.121 billion in 2001 to record a net income after tax of ?5.407 billion in 2002.

During the year under review, Shell Ghana also captured 24.9 per cent of the overall market share.

Mr Roy Lawrence Kretzen, Board Chairman and Managing Director of Shell Ghana Ltd, announced these in his statement to shareholders at the company’s Annual General Meeting in Accra.

He described the regularisation of fuel prices earlier this year as a display of the government’s commitment to the economic reform of the country.

According to him, although high fuel prices impact adversely on inflation, they will place the economy on a firm foundation for growth in the future.

The government’s move towards gradual deregulation of the oil sub-sector, Mr Kretzen noted, came at a time when Shell Ghana had also completed taking drastic steps to ensure that the company operates on a firm foundation.

He told the shareholders that the company’s turnaround was a result of concrete steps taken to streamline internal operations, saying the company is now “at the dawn of a new beginning in calmer waters, after much hard work, and that the stage has been set for exceptional performance this year”.

He said the company will use its 75th anniversary, which falls this year, to further strengthen its operations in order to continue contributing positively to Ghana’s economy.

Mr Kretzen announced that last year, the company supported a number of projects in the areas of health, education and environment and will continue this year.