GOIL increases profit by 21%

The Ghana Oil Company Limited (GOIL) Group increased its profits by 21 percent to GH¢65.1 million in 2017.

GOIL also recorded profit-after-tax of GH¢39,335 compared to GH¢35,256,000 recorded in 2016.

The company paid GH¢1.128 billion in taxes and levies to government during the same year.

Board Chairman Kwamena Bartels disclosed this at the 49th Annual General Meeting (AGM) held in Accra.

He told shareholders that despite making lower than expected volume of sales, the GOIL Group also increased its earnings per share from GH¢0.137 in 2016 to GH¢0.166 in 2017.

He said the reduction in fuel sales volumes was however compensated with strong showings in other sectors, with Lubricant sales performance growing by 7%, while LP Gas sales also increased by 17% in 2017.

He said the sale of aviation fuel and Bunkering (Marine Gas Oil) was very impressive, noting that GOIL still remain the number one oil marketing company with 20 percent of the market share up from the 2016 share of 18.2 percent.

On future prospects, he said GOIL has been selected as one of the OMCS to lead in the implementation of the new national gas re-circulation policy, and will build three gas-filling plants in Tema, Kumasi and Tamale.

Work on Bitumen factory and a lubricant blending and filling plants will also begin this year, he disclosed.

Managing Director and Group Chief Executive Officer (CEO), Patrick Akorli, assured shareholders that the company is on a positive trajectory and good financial health.

He appealed to shareholders to embrace the declared dividend, explaining that the new investments and diversifications will further position GOIL as a proud indigenous and financially stable oil marketing entity.

GOIL declared a dividend of GH¢0.028 per share up for 2017 as against the 2016 figure of GH¢0.025 per share.