GOIL Plc, the only Ghanaian major in the downstream petroleum sector improved its performance in 2021 by posting a profit after tax of GH ¢98.74 million.
This is nine per cent higher compared to that of 2020.
In view of this, a final dividend of GH¢0.047 per share was declared. This was a marginal increase from the previous year’s figure of GH¢0.045.
The company’s total assets also increased from GHC2.1 billion in 2020 to GHC2.5 billion in the year under review.
The Board Chairman of GOIL, Reginald Daniel Laryea, announced this at the 53rd Annual General Meeting (AGM) of the company held in Accra last Wednesday.
The AGM which was held virtually was joined by shareholders both in the country and abroad, who accessed, voted and passed various resolutions proposed by the board.
Volume of sales
Mr Laryea said the volume of fuel sales reached approximately 886.6 million litres representing about 11 per cent above that of the previous year.
The performance was higher than the industry average of nine per cent, he said.
According to him, the biggest contribution to sales revenue was the performance of “diesel’ and Super, especially Super XP RON 95”.
He said the mix of other products, including lubricants and specialised sales to specific industries such as the mines and bunkering, achieved mixed results but their contribution to the bottom-line was positive.
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.
Regarding the outlook for the company, Mr Laryea said the board was confident that the bold initiatives, especially, the LPG & Bitumen plants, alongside its determination to find a suitable partner to replace Ezzon Mobil in the upstream endeavours were game-changers that would definitely propel GOIL to the next level.
Answering questions on the Bitumen plant, the Group Managing Director of the company, Kwame Osei Prempeh, said production would start test run in July, and full production would begin in August this year to enable the company to start enjoying the benefits of its investment.
The Chief Operating Officer, Alex Josiah Adzew, also said over 240 GOIL service stations now accepted the use of Mobile Money, Go Cards and Visa Cards as modes of payment.
He gave the assurance that efforts were being made to ensure that all the GOIL service stations nationwide operate cashless to avoid rampant robbery attacks at service stations.