GOIL’s volume of sales hit approximately 886.6 million litres

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GOIL
GOIL
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The volume of sales of fuel produced by GOIL Company Limited, indigenous Oil Marketing Company (OMC) has hit approximately 886.6 million litres in 2021, about 11 percent above 2020.

Mr. Reginald Daniel Laryea, GOIL Board Chairman who made the disclosure explained that the biggest contribution to sales revenue came from two main products, “diesel” and “super” of which Ron 95 variety was the market leader.

“Our mix of other products including lubricants and specialized sales to specific industries like the mines and bunkering achieved mixed results, their contribution to the bottom-line was however positive,” Mr. Laryea stated at the GOIL’s 53rd Annual General Meeting.

Mr. Laryea said GOIL’s financial performance showed signs of recovery, registering a profit after tax of Ghc 98.74 million, up by 9 percent compared to the year 2020.

However, the company is yet to achieve a figure higher than the corresponding figure registered prior to the year 2020, which was about GHC 105 million. Earnings per share increased from GHC0.23 to GHS0.253.

He said GOIL’s total assets increased from GHc 2.1 billion to about Ghc 2.5 billion.

The Company did not lose any customers in the mining sector, and increased sales volume by 32 percent due to increased operations of the customers.

“We achieved a 21 percent growth in our aviation business and maintained our dominant position in the local aviation market. We continue to seek out the right partnerships to guarantee our long-term growth,” he said.

The company expanded its retail business by adding a total of 14 stations to its nationwide network. Other strenuous business development efforts to maintain and improve our business have been deployed, he said.

He said the drive to introduce the Polymer Modified Bitumen (PMB) product into the market as well as the Liquified Petroleum Gas (LPG) recirculation was accelerated.
Mr. Laryea said brand, talent, and culture remain GOIL Management and Board’s key assets to deliver sustainable business and earnings growth, thereby creating long-term value for our shareholders.

“I want to say that we recognize the importance of meeting shareholder expectations and delivering long-term shareholder value is fundamental for a listed company.

“Despite the challenging nature of the year under review, the Company managed to improve performance volume-wise,” he said.

Speaking on Health, Safety, Security, Environment, Compliance, and Quality, (HSSE) Mr. Kwame Osei-Prempeh GOIL Group Chief Executive Officer (CEO) said GOIL continued to improve its general operational environment, recording consistently better metrics year on year.

“We left no stone unturned to ensure we fully complied with all regulatory and statutory requirements and even exceeded them, where possible. All operational permits and certificates were processed and renewed on schedule.

“Constant contact was kept with the Fire Authorities regarding training, ensuring our facilities remain safe for both our customers and employees,” he said.

Mr. Osei-Prempeh said regular inspections were carried out at GOIL facilities to ensure compliance with regulations.

“Our Integrated Management System consisting of our Quality Management System (QMS) and Environmental Management System (EMS) was audited by our external auditors (TUV Profi Cert) during the year.

“We are pleased to announce that the first surveillance audit for ISO 9001:2015 and re-certification audit for ISO 14001:2015 were successful. The audit work reported satisfaction of requirements in all areas,” the GOIL Group CEO said

On Health and Safety, Mr. Osei-Prempeh explained that the focus had been to provide a safe working environment, establish safe work practices, and operate in environmentally friendly conditions.

Mr. Osei-Prempeh said GOIL carried out safety inspections and audits, conducted risk assessments, medical screening for employees, organized health awareness, and improvement activities/workshops.

He said they fumigated and disinfected its offices against COVID and other hazards, reviewed and revised HSSE policy, and enforced its requirements, among others.

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