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.
Shareholders approving to the resolutions
Latest Stories
-
Meet Fred Amugi’s 100-year-old mother
8 mins -
Brazil great Marta to retire from international duty
45 mins -
Otto Addo was forced to accept Black Stars coaching job – Mohammed Polo
50 mins -
Karim Zito qualified to be Black Stars head coach – Mohammed Polo
57 mins -
Platinum Cup makes return on April 27
1 hour -
MoE is not changing uniforms or re-painting all public schools – Kwasi Kwarteng clarifies
2 hours -
16th Africa Aquatics Swimming Championships: Nubia and Harry to represent Ghana in Angola
2 hours -
Four defendants in NDA case by OSP open defence today
2 hours -
GFA commissions first set of floodlights at Ghanaman Soccer Centre of Excellence
2 hours -
Basic public school uniform change an initiative, not a policy – Kwasi Kwarteng
2 hours -
Bawumia appeals for peace in Gonjaland, donates GHȼ100K, bull
2 hours -
Drake: AI Tupac track gone from rapper’s Instagram after legal row
2 hours -
Repainting schools, changing uniforms a misplaced priority – Joy FM listeners on rebranding of basic public schools
2 hours -
UEFA U-16 Tournament: Black Starlets bounce back with 5-1 win over Serbia
3 hours -
There’s nothing strange about changing colours for basic public schools – Education Ministry PRO
3 hours