GOIL makes positive gains in first half

BY: Enoch Darfah Frimpong

Prof William A. Asomaning - Board Chairman, GOILThe half year results of Ghana Oil Company Limited (GOIL) released late July showed that the company made positive gains in the six-month period.

GOIL, which markets refined petroleum products to players in the aviation, mining and transport sectors, recorded a pre-tax profit of GH¢8.16 million in the first half of 2013 compared to GH¢7.07 million posted in the same period last year.

After a tax deduction of GH¢2.04 million, GOIL’s net profit closed the period at GH¢6.12 million, higher than the 2012 first half figure of GH¢5.30 million.

This caused the company’s earnings per share, the value of each share held as of June 2013, to rise from GH¢0.025 in 2012 to GH¢0.029 in the period ending June this year.

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These positive showings were influenced by a 20 per cent rise in the company’s gross revenues for the six-month period.

Its revenues rose from GH¢374.102 million in the first half of last year to GH¢472.96 million in the period under review.

By Graphic Business / Ghana