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Business News Mon, 27 May 2019

GOIL’s profit soars

Patrick Akorli, Group Chief Executive Officer (CEO) and Managing Director of Ghana Oil Company (GOIL) Limited, has given an assurance that Ghana’s biggest indigenous oil marketing company will remain on the path of growth.

Mr. Akorli, who was speaking at the 50th Annual General Meeting (AGM) of GOIL held in Accra, said GOIL was embarking on major diversification of its portfolio to boost profitability and ensure a solid future.

He, therefore, urged shareholders to continue to believe in GOIL to chalk up successes in future.

Mr. Akorli, who is retiring after over 23 years of service, has assumed a new role as the board chairman of Go Energy, the subsidiary bulk distribution company of GOIL.

Kwamena Bartels, Board Chairman of GOIL, in an address, said the company, which is now 14001:2015 (EMS) certified, made a consolidated profit-after-tax of GH¢81.9 million.

“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 GH¢81.9 million, up by 26%. The assets of GOIL, as a group, grew by 30% from GH¢1,036 billion to GH¢1,346 billion.

He said earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”.

As a result, the board of directors proposed a dividend of GH¢0.042 per share, a 50% increase over that of 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 endorsed its partnership with ExxonMobil in the exploration of deep-water Cape Three Points oil field.

Shareholders also approved GOIL’s name from Ghana Oil Company Limited to GOIL Company Limited by resolution.

On issues of health, security, safety and environment, Mr. Bartels said “GOIL is committed to achieving “zero harm” to staff, customers and communities in which they operate”.

He added that measures like hazard identification, risk assessment, workplace audits and inspection were being undertaken to ensure full realization of the company’s goals.

The board chairman also said rigorous security measures with the assistance of the Ghana Police Service have been successfully undertaken to protect lives and property and also deter armed robbers and other criminals from GOIL service stations, especially those in the remote areas where robberies are rampant.

Source: dailyguidenetwork.com