Ghana Oil Company Limited (GOIL) Public Limited Company (PLC) recorded net profit of GH¢85.9 million for the year ended December 31, 2025, representing a marginal 1.4% increase from GH¢84.7 million in 2024.
The indigenous petroleum marketer faced revenue headwinds during the period, with group turnover declining 11.6% to GH¢17.1 billion from GH¢19.3 billion the previous year. Company standalone revenue fell similarly to GH¢9.7 billion from GH¢10.6 billion in 2024.
Despite lower sales, gross profit contracted to GH¢719.9 million from GH¢828.3 million, reflecting compressed margins across petroleum product categories. Operating profit before financial charges declined 6.1% to GH¢230.0 million compared with GH¢244.9 million in 2024.
Earnings per share remained relatively stable at GH¢0.215, marginally lower than GH¢0.216 recorded in 2024. The company’s 391.9 million shares in issue provided shareholders steady returns despite market pressures.
Finance charges climbed modestly to GH¢109.5 million from GH¢108.1 million, constraining profit growth. However, the company managed to navigate these costs while maintaining profitability in a challenging operating environment.
GOIL’s balance sheet expanded significantly during the year, with total assets rising 8.7% to GH¢5.2 billion from GH¢4.8 billion in December 2024. Property, plant and equipment increased to GH¢1.9 billion from GH¢1.6 billion, indicating continued investment in infrastructure and service station networks.
Shareholders’ equity strengthened to GH¢980.0 million from GH¢894.1 million, bolstered by retained earnings. Income surplus grew to GH¢729.1 million from GH¢643.2 million as the company preserved capital despite paying dividends during the period.
Total current assets increased to GH¢3.3 billion from GH¢3.1 billion, driven primarily by inventory holdings of GH¢2.2 billion. Trade receivables declined to GH¢595.5 million from GH¢2.3 billion, improving the company’s working capital position.
The company’s liquidity position tightened somewhat, with cash and bank balances falling to GH¢58.8 million from GH¢201.1 million in 2024. Bank overdrafts remained at GH¢320.7 million, unchanged from the prior year.
Accounts payable surged to GH¢3.4 billion from GH¢2.6 billion, reflecting timing of supplier payments in the petroleum supply chain. Short term loans decreased sharply to GH¢274.3 million from GH¢623.3 million, demonstrating improved debt management.
GOIL operates wholly owned subsidiaries including Goenergy Ghana Limited and Gobitumen Limited, with consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). The group also holds a 60% stake in African Bitumen Terminal Limited, a joint venture with Societe Multinationale De Bitumes of Cote d’Ivoire established in November 2023.
The petroleum distributor maintained operations across its extensive network of service stations throughout Ghana during 2025. Company standalone operations generated profit after tax of GH¢12.8 million, down from GH¢24.7 million in 2024, indicating stronger performance from consolidated entities.
Cash generated from operations reached GH¢384.6 million for the group, a significant turnaround from the GH¢347.5 million cash outflow in 2024. This operational cash generation funded capital expenditures of GH¢234.8 million during the year.
The company repaid GH¢88.9 million in term loans while securing GH¢260.4 million in medium term financing. Dividend payments to shareholders totaled GH¢21.7 million, maintaining returns despite revenue pressures.
Edward Abambire Bawa, Managing Director and Chief Executive Officer, and Nana Philip Archi, Board Chairman, signed off on the unaudited financial statements dated January 27, 2026. The results demonstrate GOIL’s resilience in maintaining profitability through operational efficiency during a period of revenue contraction in Ghana’s downstream petroleum sector.
