Quantum Terminals PLC, a leading player in Ghana’s energy sector, has released its unaudited financial results for the year ended December 31, 2024, showcasing a robust performance despite a challenging economic environment.
The company reported a significant increase in revenue and profitability, driven by strategic operational improvements and cost management.
Financial
Quantum Terminals recorded a 20% increase in revenue, rising to GHS 81.9 million in 2024 from GHS 68.2 million in 2023. This growth was primarily fueled by higher premium charges and throughput fees, reflecting increased demand for the company’s storage and logistics services. Gross profit also saw a healthy uptick, climbing to GHS 62.8 million from GHS 57.1 million the previous year.
The company’s profit before tax surged by 60%, reaching GHS 43 million in 2024, compared to GHS 26.9 million in 2023. This impressive performance was supported by a reduction in finance costs and foreign exchange losses, which decreased to GHS 13.5 million from GHS 19.4 million. Profit after tax followed suit, rising to GHS 36.4 million, up from GHS 24.7 million in 2023.
Earnings per share (EPS) stood at GHS 0.3305, slightly lower than the GHS 0.3522 recorded in 2023, due to an increase in the number of shares outstanding. However, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) improved significantly, reaching GHS 69.5 million, up from GHS 57.5 million in the previous year.
Operational Efficiency and Cost Management
Quantum Terminals demonstrated strong operational efficiency, with direct operational costs increasing only marginally to GHS 5.4 million from GHS 3.9 million. The company also managed to keep general and administrative expenses under control, which rose to GHS 20.6 million from GHS 17.6 million, reflecting prudent cost management practices.
Depreciation and amortization expenses increased to GHS 17.7 million, up from GHS 9.3 million, as the company continued to invest in its infrastructure and equipment. Despite this, the company’s net finance costs decreased significantly, falling to GHS 8.7 million from GHS 21.2 million, thanks to lower interest expenses and improved debt management.
Balance Sheet Strength
The company’s balance sheet remained robust, with total assets growing to GHS 507.4 million, up from GHS 479.3 million in 2023. Property, plant, and equipment accounted for the bulk of the assets, standing at GHS 308.2 million. Inventory levels also increased, reflecting higher fuel stock and spare parts holdings.
On the liabilities side, Quantum Terminals reduced its long-term debt to GHS 54.2 million from GHS 65.2 million, demonstrating a commitment to deleveraging. The company’s equity position strengthened, with total equity rising to GHS 347.8 million, up from GHS 311.4 million in 2023, driven by retained earnings and a revaluation reserve.
Strategic Outlook
Looking ahead, Quantum Terminals is optimistic about its growth prospects in 2025. The company plans to leverage its strong financial position to expand its operations and enhance its service offerings. Management remains focused on optimizing costs, improving operational efficiency, and exploring new revenue streams to sustain its growth trajectory.
In a statement, the company’s board of directors expressed confidence in the firm’s ability to navigate the evolving economic landscape. “We are pleased with the progress made in 2024 and remain committed to delivering value to our shareholders. Our strategic initiatives and disciplined approach to cost management will continue to drive our success in the coming year,” the statement read.
The improved financial performance comes amid a stabilizing economic environment in Ghana. The country has seen a decline in inflation and interest rates, providing a more favorable backdrop for businesses. Quantum Terminals’ ability to capitalize on these conditions underscores its resilience and strategic agility.
Quantum Terminals PLC’s 2024 financial results reflect a company on the rise, with strong revenue growth, improved profitability, and a solid balance sheet. As the company looks to the future, its focus on operational efficiency and strategic investments positions it well to continue delivering value to its stakeholders in 2025 and beyond.
