GOIL Plc sees jump in profit, pays dividend to shareholders

GOIL Plc improved its performance in 2021 by registering a profit after tax of GH ¢98.74 million, up by nine per cent compared to that of 2020.

Earnings per share increased from GH¢0.23 in 2020 to GH¢0.253, while total assets also increased from GH¢2.1 billion to GH¢2.5 billion. Shareholders are therefore to benefit from a final dividend of GH¢0.047 per share as compared to the 2020 dividend of GH¢0.045.

Board Chairman, Mr Reginald Daniel Laryea, disclosed this yesterday to shareholders at the 53rd Annual General Meeting (AGM) held in Accra, done virtually and joined by shareholders both in Ghana and abroad, who assessed, voted and passed various resolutions proposed by the board.

In a report to shareholders, MrLaryea said, the volume of sales of fuels was approximately 886.6 million litres, about 11 per cent above that of the previous year, thus overtaking growth in the industry which was nine per cent.

The biggest contribution to sales revenue, he noted, was the performance of “Diesel” and “Super” especially Super XP RON 95.

According to the Board Chairman, the mix of other products including lubricants and specialised sales to specific industries like the mines and bunkering achieved mixed results but their contribution to the bottom-line was positive.

The company, MrLaryea said, retained all its customers in the mining sector, while it increased sales volume by 32 percent due to increased operations of the customers.

In the aviation business, he said, the company achieved a 21 per cent growth and maintained its dominant position in the local aviation market.

He said the company expanded its retail business by adding 14 stations to its nationwide network and accelerated the drive to introduce the Polymer Modified Bitumen product into the market as well as the Liquefied Petroleum Gas (LPG) recirculation.

Touching on the future outlook, MrLaryea said the company was exploring new business opportunities such as the “electric powered transportation systems” to help the country reduce carbon emissions and make GOIL remain competitive in the industry.

 “We are confident that the bold initiatives we have outlined especially our LPG and Bitumen plants, alongside our determination to find a suitable partner to replace Exxon Mobil in our upstream endeavour are game-changers that will definitely propel GOIL to the next level,” he said.

On Corporate Social Responsibility, the Board Chairman said the company remained committed to identifying the needs of deprived communities and organisations by providing them with potable water, health and sanitation facilities to improve the well-being and quality of lives of the disadvantaged.

Responding to a question on the Bitumen plant, the Group Chief Executive Officer and Managing Director, Kwame Osei-Prempeh, said test run of the facility would start in July, and full production would begin in August this year to enable the company start enjoying the benefits of its investment.

He said the project was 99 per cent complete, explaining that the delay of the construction of the facility was a result of the COVID-19 pandemic.

The Chief Operating Officer, Alex Adzew, said measures, including a surveillance system, had been put in place to curb armed robbery attacks at its outlets while the outlets had been secured against possible flooding.

He said over 240 GOIL service stations now accept the use of Mobile Money, Go Cards and Visa Cards as mode of payments, adding that efforts were being made to ensure that all the GOIL service stations nationwide operated cashless to avoid rampant robbery attacks at service stations.


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