The annual turnover of Ghana Oil Company Limited (GOIL) rose from GH?514.36 million in 2010 to GH?617.67 million in 2011, an increase of 30 per cent; Mr. Patrick Akorlie, GOIL Managing Director, said at the company’s 43rd Annual General Meeting (AGM) in Accra.

He said dividend payout at GH?0.014 per share, totaling GH?2.94 million, which amounted to 37 per cent of profit after tax and explained that “this is in line with the Company’s policy of paying not less than 30 per cent profit after tax as dividend”.

Mr. Akorlie said profit after tax was GH?7.888 million, representing 25 per cent improvement over the profits of 2010, whilst tax contributions to government - taxes and dividends, increased by 32 per cent over the contributions of 2010 to stand at GH?65.083 million.

He said the share price kept its value over the year and increased to GH?0.32 from Gh?0.30, describing it as a remarkable vote of confidence from the Ghana Stock Exchange when stocks generally were on the decline.

Mr. Akorlie said in 2011: “the re-branding efforts were in incubation”, and stressed that “the results of the re-branding are very apparent now and we expect the performance to reflect the positive reactions in the coming years”.

He said the Board and Management of GOIL had identified challenges of the oil industry, as well as opportunities and were striving to take advantage of them.

GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objectives of marketing petroleum products and related products, particularly fuels, Liquefied Petroleum Gas, lubricants, bitumen and specialty products in Ghana.

The government in 1974 acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the Company to Ghana Oil Company Limited.

By shareholders resolution, passed on August 1, 2007, the Company adopted new regulations and was converted into a public Company.**