GOIL makes GH¢123.89 million in net profit after tax for 2022

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Picture Iii Tma Economic Goil Profit
Picture Iii Tma Economic Goil Profit

The GOIL Company PLC, registered a net profit after tax of GH¢123.89 million in 2022, up by 26 percent compared to the previous year, Mr. Reginald Daniel Laryea, Chairman of the GOIL Board of Directors, has announced.

“Earnings per share rose to GHS 0.316 in 2022 compared to the year 2021, which was GHS 0.252.
“We are happy to declare a dividend of GHS0.056 to our cherished shareholders, up by 19 percent compared to the year 2021,” he stated.

Mr Laryea, who presented GOIL’s annual statement of account for the year 2022 at the virtual 54th Annual General Meeting of GOIL, stated that the company increased its number of filling stations by 4 percent.

The company’s fuel sales grew by 21.4 percent during the year 2022 compared to the previous year. Consequently, our overall market share grew from 15.32 percent in 2021 to 20.11 percent in 2022.

While the company’s station counts increased, “our fuel management procedures were also enhanced to give management a greater view into the operations of the stations to make informed decisions,” he said.

He also disclosed that GOIL considered the Bunkering sector a crucial part of the shipping industry, which involves supplying fuel to ships, “GOIL has been in the business for over 30 years and operates both offshore and onshore, delivering bunkers by barge, pipeline, and truck.”

Mr Laryea said that based on experience and prudent management, GOIL continued to dominate the bunkering market in Ghana increasing its market share from 60 percent in 2021 to 73 percent in 2022.

He said the company had also made significant investments in the supply of quality products and services to the mines, as a result, “GOIL increased its market share in the mining industry, expanding its sales volume from 49.2 million litres in 2021 to 59.2 million litres in 2022”.

Mr Kwame Osei-Prempeh, GOIL Group Chief Executive Officer and Managing Director told the Ghana News Agency in an interview that GOIL had upscaled its efforts to enhance compliance, health, safety, security, environmental (HSSE), and ISO activities.

“All required operational permits with regulatory organizations such as the Environment Protection Agency, National Petroleum Authority, Ghana National Fire Service, and Ghana Standards Authority among others were updated as and when due in terms of compliance.

“GOIL conducted follow-up visits to correct operational gaps found during routine station and facility inspections to assure compliance,” Mr. Osei-Prempeh stated.

He said the company also organised regular capacity training for its partners to increase their capability to adhere to compliance regarding HSSE rules.

“GOIL places a high priority on the health and safety of our Employees, Clients, Partners, and other Stakeholders,” Mr Osei-Prempeh stated.

The GOIL Group CEO also commended the steadfast support of shareholders, stressing that they played an instrumental role in the company’s collective success.

“I am thankful for the trust and confidence reposed in myself, the Board, management, and staff. I also sincerely extend appreciation to the Management team, dedicated Staff, and all other employees for fostering a positive work environment and following the Company’s values throughout the year,” he said.

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