GOIL increases turnover


Ghana Oil Company Limited (GOIL) has increased turnover by 30 per cent over the 2011 figure from GH? 514.36 million to GH? 617.67 million, citing a combination of greater volumes sold and high prices accounting for the impressive increase.

The Managing Director of GOIL, Mr. Patrick Akorli, who disclosed this in Accra yesterday at the company?s 43rd Annual General Meeting (AGM) pointed out that the company pegged its profit after tax at GH?7.888 million in 2011, representing a 25 per cent improvement over the profits of 2010 financial year.

According to Mr. Akorli, the dividend pay-out at GH?0.014 per share, totalledGH?2.94 million and amounted to 37 per cent profit after tax dividend.

Mr. Akorli said the tax contribution to the central government as taxes and dividend increased by 32 per cent in 2011 over the contributions of 2010 to stand atGH?65.083 million.

He said the share price kept its value over 2011 and increased to GH? 0.30 adding that this increase was a remarkable vote of confidence from Ghana Stock Exchange (GSE) when stocks generally were on the decline.

On prospects, Mr. Akorli noted that the year under review was a period when the re-branding efforts were in incubation saying that the results are very apparent now and the company expects the performance to reflect the positive reactions in the coming year.

He assured the shareholders of mapping up pragmatic measures to curtail the huge challenges confronting the success of operations of the company in order to maximize profit.


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