GOIL posts 12% profit growth in Q1 2025, revenue hits GH¢5.6 billion

GOIL PLC the country’s leading indigenous oil marketing firm, has posted impressive financial results in 2025, reinforcing investor confidence and affirming its resilience in a turbulent market environment.

The company recorded a 12% year-on-year profit growth in quarter one of 2025, with group revenue rising to GH¢5.6 billion.

Standalone operations saw pre-tax profit more than double from GH¢16 million in Q1 2024 to GH¢33 million this year.

GOIL’s asset base also grew modestly from GH¢4.9 billion to GH¢5 billion, while its share price climbed from GH¢1.60 in December 2024 to GH¢2.10 as of mid-July.

“Anyone claiming GOIL is collapsing is simply misinformed. We’re growing stronger and managing our risks smartly,” said Managing Director and CEO Edward Abambire Bawa.

He said these gains come despite persistent structural constraints in the petroleum supply chain, particularly limited access to laycan permits for fuel imports.

The constraints, he explained, forced GOIL to purchase fuel from rival Bulk Distribution Companies (BDCs) even while operating its own BDC-adding extra cost layers and impacting price competitiveness at the retail level.

“Instead of importing directly through our own BDC, we were forced to buy from rivals who add their profit. We then add a small margin to survive and that’s what makes the price higher for our dealers and customers,” Mr. Bawa further explained.

He pointed out that ” even when constrained, GOIL still commands trust. Imagine what we could do with full support”.

He welcomed the President Mahama’s recent call for a review of the laycan allocation system, describing it as a much-needed intervention that could help restore equity in the fuel import space.

Retail infrastructure revamp underway

To complement its operational recovery, he mentioned that GOIL is embarking on a sweeping retail infrastructure upgrade aimed at improving visibility, customer experience, and brand perception.

The company, he said, plans to refurbish 270 stations nationwide by December 2025, with a focus on aesthetics, lighting, and service quality.

“People love beautiful things. When our stations look dark or outdated, it affects perception. We’re changing that,” said Mr. Bawa. “This rebranding will restore the pride and polish associated with GOIL.”

A vision rooted in resilience

While acknowledging ongoing challenges, Mr. Bawa reaffirmed that GOIL is far from being distressed. “GOIL is not collapsing – we are rebuilding with resilience. Like every business, we have issues. But we are navigating them and moving forward,” he concluded.

GOIL boss calls for fair Fuel Import Permits to support national development agenda

The Chief Executive Officer (CEO) and Managing Director of GOIL PLC, Mr. Edward Abambire Bawa, has called for a fairer and timelier allocation of petroleum import permits commonly known as laycans-to help sustain the company’s pivotal role in Ghana’s energy security and socio-economic development.

Speaking during a dealer engagement forum at Takoradi in the Western Region, he emphasised that GOIL’s national service obligations, particularly in remote and low-profit areas, are increasingly challenged by operational bottlenecks not faced by many of its private competitors.

“GOIL goes where others won’t—because there’s a hospital, a school, or a community in need,” he said. “But when laycan allocations are delayed or denied, it affects our ability to deliver fuel to these vital institutions and underserved regions.”

As a state-majority-owned enterprise, GOIL has consistently balanced profitability with a strong commitment to national development. Mr. Bawa stressed that while the company willingly bears the cost of serving hard-to-reach areas, a level playing field is essential for it to remain competitive in an increasingly liberalized petroleum sector.

“We are not asking for favours, just fairness,” he stated. “If GOIL is expected to serve the nation wherever needed, then fuel import allocations must reflect that responsibility.”

This appeal comes at a time when Ghana’s downstream petroleum sector is grappling with heightened competition and tightening supply chains. Mr. Bawa believes that resolving inequities in laycan allocation will enable GOIL to enhance supply consistency, maintain high product quality, and better serve the public interest.

Reaffirming GOIL’s position as a dependable national brand, he noted: “GOIL is what it is today because of the people behind it-our dealers, staff, and loyal customers. You are the reason GOIL continues to stand tall.”

He also highlighted GOIL’s enduring reputation as a homegrown brand synonymous with reliability, and quality. “Wherever you go across the country, our brand is recognized not just for our prices, but for our consistency and dependability,” he added.

Looking ahead, Mr. Bawa announced a nationwide renovation of 270 GOIL fuel stations by December 2025 as part of a broader modernization strategy. In the Western Region alone, 30 out of 50 dealer-managed outlets have already been earmarked for immediate upgrades.

“This initiative goes beyond aesthetics,” he explained. “It’s about ensuring our stations are fully equipped, attractive, and capable of offering world-class services at competitive prices.”

Mr. Bawa also hinted at ongoing engagements with the Presidency to secure additional petroleum supply volumes. These efforts, he said aim to ensure more affordable and steady fuel delivery across the country.

In a move to boost operational efficiency, he revealed that GOIL is rolling out a digital platform to provide dealers with real-time access to their account balances and monthly statements. “No more waiting for updates from middle-level staff you’ll be able to log in and view your statement anytime,” he said.

The company’s digital transformation agenda, he added, will span internal systems and customer interfaces, positioning GOIL as a modern, agile, and future-ready energy company.

“There is light at the end of the tunnel,” Mr. Bawa concluded. “GOIL is not just a business-it’s a legacy. Together, we’ll build a company that is modern, trusted, and proudly Ghanaian.”

The dealer engagement forms part of a nationwide stakeholder consultation series aimed at strengthening partnerships, driving growth, and enhancing customer satisfaction across the GOIL network.