The Tema Oil Refinery (TOR) has recorded a profit before tax of GHS 1.24 billion in 2025, marking its first profit in a decade and showing a major financial and operational recovery.

The achievement was disclosed by the State Interests and Governance Authority (SIGA), which described the development as a significant turnaround for the state-owned refinery after years of financial and operational challenges.

According to SIGA, TOR’s 2025 performance reflects improved revenue generation, stronger financial management, and renewed operational activity following years of inactivity and restructuring efforts.

A key driver of the profit was a foreign exchange gain of GHS 1.3 billion, together with GHS 155 million in profit from associate investments.

The refinery also benefited from improved operational performance, including the processing of approximately 600,000 barrels of crude oil following maintenance works.

SIGA further pointed to improvements in TOR’s financial position, including a reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, as well as better debt management and improved efficiency in collecting money owed to the company.

Despite the positive results, SIGA cautioned that challenges remain, particularly in relation to liquidity pressures, accumulated deficits, and the need for long-term balance sheet restructuring to sustain the recovery.

The Authority commended TOR’s Board, management, and staff for the turnaround, attributing the gains to strengthened corporate governance, strategic leadership, and operational reforms.

It also urged the refinery to sustain the momentum and deepen efficiency improvements to ensure long-term profitability and energy sector competitiveness.