GOIL PLC has maintained its dividend to shareholders despite a challenging year.

This was announced at the company’s 55th Annual General Meeting of shareholders held in Accra. The meeting which was also attended by other stakeholders declared a dividend of GH¢0.056 per share, amounting to GH¢21,944,335.00 for the year ending December 31, 2023.

The board chairman of the company, Reginald Daniel Laryea, told shareholders that despite a tough operating environment, GOIL PLC achieved a modest profit of GH¢54.7 million profit.

He explained that the adoption of sound financial, operating and marketing strategies enabled the company to achieve modest consolidated profit in the face of difficulties it faced in 2023. This includes high operational costs, elevated inflationary pressures and higher utility costs. This was in addition to industry-wide product quality issues which have been successfully resolved.

GOIL, he said, will continue to showcase its resilience in its ability to generate returns for shareholders as a demonstration of keeping faith with them even in times of difficulties.

He expressed appreciation for the steadfast support and confidence shareholders of GOIL have in the company, saying, “your shareholding is highly valued and cherished” thus the decision to maintain the dividend payment".

"This reflects ‘our commitment to shareholder value and our optimism for the future of your company”, he added.

On assets, Mr. Laryea noted that even though the consolidated total assets decreased from GH¢4.6 billion in 2022 to GH¢4.0 billion in 2023, the consolidated non-current assets including property, plant and equipment grew from GH¢1.4 billion in 2022 to GH¢1.6 billion in 2023, representing a 14.58% increase. This highlights the company’s continued investment in key assets to support future growth and sustainability, he asserted.

On the future outlook for the business, the Board Chairman announced that GOIL Bitumen plant is now fully operational and will soon officially commission the facilities. Additionally, the two LPG Cylinder Recirculation Plants in Tema and Kumasi are expected to be completed in the first quarter of 2025.

GOIL, he noted, has also identified a strategic partner with whom it has signed a Farmout Agreement with after the conducting mutual due diligence. The signing of a new farm-out agreement follows the pull-out and exit of ExxonMobil from the Deepwater Cape Three Points (DWCTP) block Petroleum Agreement (PA).

The Group CEO/MD of GOIL, Osei Kwame Prempeh reiterated that with the coming into full operations of the Bitumen plant and LPG gas recirculating plants, the future prospects of GOIL is very bright, hoping that next year shareholders will enjoy good dividends.

Present at the 55th GOIL AGM were Board members, Management of business; Shareholders; representatives from Oil Marketing industry; Board Chairman of GoEnergy and former MD of GOIL, Patrick Akorli; Brand Ambassador for GOIL, Prof. Azumah Nelson and other stakeholders