GOIL grows profits by 26% in 2018

GOIL grows profits by 26% in 2018
Source: Ghana | Myjoyonline.com | GOIL
Date: 23-05-2019 Time: 10:05:40:pm
Kwamena Bartels reading the resolutions to the Shareholders. With him include: Mr. Patrick Akorli and other Board members

GOIL, the country’s biggest indigenous Oil Marketing Company, has made a consolidated profit after tax of GHS81.9 million. 

The company also, by resolution, has changed its name from Ghana Oil Company Limited to GOIL Company Limited.

This was disclosed by the Board Chairman of GOIL, Kwamena Bartels at the 50th Annual General Meeting (AGM), held in Accra.

“Over the last five years, the company’s profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GHS81.9 million, up by 26%. The assets of GOIL, as a group grew by 30%, from GHS1,036 billion to GHS1,346 billion.

“Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”, Kwamena Bartels reported.

As a result, the Board of Directors proposed a dividend of GHS0.042 per share, a 50% increase over that of the year 2017”.

The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of deep-water Cape three Points oil field.

On issues of Health, Security, Safety and Environment, Hon. Kwamena Bartels said GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operate.

Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal. Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack were rampant.

Mr Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.

The Group CEO and Managing Director, Mr Patrick AKorli who is retiring after over 23 years of service, assured shareholders the company was on the path of growth.

He noted that GOIL is embarking on major diversification of portfolio to boost profitability and ensure a solid future. He, therefore, asked shareholders to continue to believe in GOIL.

To tap his rich and immense experience, Mr Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL.

GOIL 2018 GM 1

Shareholders approving to the resolutions