The Bulk Oil Storage and Transportation Company (BOST) for the first time made net revenue of GH¢1.12 billion in 2021, as compared to GH¢633 million in 2020, representing 77 per cent increase over the previous year.
Similarly, for the first time after 11 years of operating at a loss, the company last year made a net profit of GH¢160.71 million, compared to GH¢291.0 million loss in 2020.
The feat, according to Board Chair of BOST, Mr Ekow Hackman, was as a result of the transformational agenda and strategic marketing polices put in place by the new management since 2017 when BOST changed management.
He was speaking at the 2022 Annual General Meeting (AGM) of BOST, in Accra, yesterday, a statutory legal event required under the company’s Act during which the management declared its stewardship to shareholders over the past year and chart the way forward in the coming year.
The AGM was attended by stakeholders in the petroleum downstream industry and civil society organisations.
They included the Chamber of Petroleum Consumers (COPEC), Institute for Energy Security (IESS), Occupy Ghana and Alliance for Accountable Governance (AFAG).
In attendance was the Greater Accra Regional Minister and Member of Parliament for Ayawaso Central, Mr Henry Quartey, a representative of the Ga Mantse, King Tackie Teiko Tsuru II, Nii Ahene Nunoo, the Ablo Mantse and other traditional rulers.
“I am delighted to inform you of the progress the company has made over the past few years which has transformed it from a heavily indebted company owing more than $624 million as at January 2017 to one with debts of less than $30 million as at the end of 2021,” Mr Ekow Hackman said.
The Director General of the State Interests and Governance Authority (SIGA), Ambassador Edward Boateng, praised BOST’s management for making a remarkable turnaround and posting a profit of more than GH¢163.8 million.
He said “we must commend the board and management for an impressive performance.”
He reiterated government’s commitment towards supporting SOEs growth, which was demonstrated by the formation of the SIGA.
Ambassador Boateng said he was optimistic that BOST would continue to create a lasting value for all its shareholders.
The Minister of Public Enterprises, Mr Joseph Cudjoe, said the achievement of BOST should become a model for other state enterprises to learn from.
The Minister of Energy, Matthew Opoku Prempeh, assured that government was sparing no effort at ensuring BOST was resourced to hold stocks to fulfill its mandate of making fuel accessible and affordable to all.
The Managing Director of BOST, Mr Eddy Provencal, in an interview with the Ghanaian Times, said the company could not declare dividend this year as it was still trying to clear its debts portfolio adding when we are done, we shall declare a dividend to our sole shareholder, the government.
BY NORMAN COPPER