GOIL Company Limited has recorded a net profit of GHC99 million in 2021, an increase of nine percent over the previous year.
The Board Chairman, Mr. Reginald Daniel Laryea on Thursday, June 16, 2022, stated that the profit growth was driven by an increase in fuel sales volumes of 886.6 million litres, which was more than 11 percent higher than the previous year and also higher than the industry average of 9 percent, despite what the company described as a challenging year.
Speaking at the company’s 53rd Annual General Meeting in Accra, Mr. Laryea noted that as a result, earnings per share increased from GHC0.23 in 2020 to GHC0.253 in 2021, while total assets increased from GHC2.1 billion to approximately GHC2.5 billion during the review period.
“Our financial performance meant the board was able to approve a final dividend of (GHC0.047) per share (2020: GHC 0.045),” he said.
According to him, the biggest contribution to sales revenue came from two main products, diesel and super or petrol, particularly the Ron 95 variety.
“Our mix of other products including lubricants and specialised sales to specific industries like the mines and bunkering achieved mixed results, their contribution to the bottom-line was, however, positive. We achieved a 21% growth in our aviation business and maintained our dominant position in the local aviation market. We continue to seek out the right partnerships to guarantee our long-term growth,” he added.
The company is banking on its new businesses to spearhead its growth in 2022 and beyond.
“We are confident that the bold initiatives we have outlined, especially our LPG & 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,” Laryea noted.
Additionally, Mr. Laryea revealed that GOIL is looking for new opportunities in the global technological space.
“The opportunities that these advancements present have driven us to explore new business opportunities such as electric powered transportation systems.” Entering that market will assist GOIL and Ghana in general in reducing carbon emissions, as well as allowing GOIL to remain competitive in the industry,” he said.
He noted that with this new development, he was optimistic the company will remain vigilant, diligent, and focused on the key value drivers of the growth of the business.