Shareholders of Ghana’s leading Oil Marketing Company (GOIL) have approved a dividend of ¢0.047 per share for the 2021 financial year.

This is slightly higher than the ¢0.045 approved in the previous year.

Board Chairman, Reginald Daniel Laryea, addressing shareholders at the company’s 53rd Annual General Meeting, said, GOIL’s financial performance for last year showed strong recovery, amid COVID-19 pandemic, registering a profit of ¢98.74 million.

He pointed out that despite the challenging 2021, the company managed to improve upon performance volume-wise, as the volume of sales was approximately 886.6 million liters, about 11% above that of the previous year.

He added that GOIL’s financial performance showed recovery, registering a profit after tax of ¢98.74 million, up by 9% compared to the year 2020.

However, the company is yet to achieve a figure higher than the corresponding figure registered prior to the year 2020 which was approximately ¢105 million.

Earnings per share increased from ¢0.23in 2020 to ¢0.253 in 2021

Total assets also increased from ¢2.1 billion in 2020 to approximately ¢2.5 billion in 2021.

Company maintains lead in aviation market

The company did not lose any customers in the mining sector, and increased sales volumes by 32% due to increased operations of the customers.

Again, it achieved a 21% growth in its aviation business and maintained dominant position in the local aviation market.

The biggest contribution to sales revenue came from two main products, "diesel" and "super" of which Ron 95 variety is the market leader.

“Our mix of other products including lubricants and specialized sales to specific industries like the mines and bunkering achieved mixed results, their contribution to the bottom-line was however positive”, the Board Chairman mentioned

Meanwhile, the company has raised concerns about the rising cases of armed robbery across GOIL’s fuel outlets.

Even as rising fuel prices continue to make fuel stations attractive to robbers, managers assured shareholders that efforts are being made to secure limb and property “using a mixture of old fashioned vigilance, secure storage systems and more modern surveillance and warning systems”.