SIGA report: Edward Abambire Bawa-led GOIL records GH¢90.67m profit despite 9% revenue decline

GOIL PLC, under the leadership of Group Chief Executive Officer and Managing Director Edward Abambire Bawa, recorded a 7.05 per cent increase in net profit in 2025 despite a significant decline in revenue, according to the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA).

The company’s net profit increased from GH¢84.70 million in 2024 to GH¢90.67 million in 2025, representing a 7.05 per cent growth.

The improvement came despite an 8.91 per cent decline in operating revenue, which fell from GH¢20.36 billion in 2024 to GH¢18.55 billion in 2025. Total revenue also dropped from GH¢20.43 billion to GH¢18.59 billion during the period.

Profit before tax, however, declined from GH¢353 million in 2024 to GH¢336.67 million in 2025, while operating profit fell from GH¢244.92 million to GH¢230.02 million.

According to the report, the rise in net profit was partly driven by a substantial reduction in income tax expenses, which fell from GH¢46.37 million in 2024 to GH¢27.11 million in 2025.

As a result, GOIL’s net profit margin improved from 0.41 per cent to 0.49 per cent, while its operating profit margin increased marginally from 1.20 per cent to 1.24 per cent.

The company also maintained full cost recovery, recording a cost recovery ratio of 101.04 per cent. SIGA noted that GOIL has consistently maintained a cost recovery rate slightly above 100 per cent over the past five years.

GOIL’s total assets increased by 1.53 per cent, rising from GH¢4.81 billion in 2024 to GH¢4.88 billion in 2025. Its non-current assets also grew from GH¢1.66 billion to GH¢1.84 billion.

Shareholders’ equity strengthened by 10.90 per cent, from GH¢894.08 million to GH¢991.54 million, supported largely by an increase in retained earnings from GH¢643.22 million to GH¢707.66 million.

The company also recorded a significant improvement in cash generated from operations. Net cash flow from operating activities moved from a negative GH¢382.20 million in 2024 to a positive GH¢881.90 million in 2025, representing a 330.74 per cent improvement.

GOIL’s interest-bearing liabilities also fell substantially, from GH¢1.24 billion to GH¢771.85 million.

Despite the improvement in profitability and operating cash flow, SIGA identified some areas of concern, particularly regarding the company’s short-term liquidity.

GOIL’s current ratio declined slightly from 0.87 in 2024 to 0.84 in 2025, remaining below the benchmark of 1.0.

Trade and other payables increased by 17.46 per cent, from GH¢2.63 billion to GH¢3.09 billion.

The report also noted that the company’s interest coverage ratio declined from 2.27 times to 2.16 times, indicating a slight reduction in earnings available to meet interest obligations.

Return on assets fell from 2.85 per cent to 2.53 per cent, while return on equity declined from 9.47 per cent to 9.14 per cent.

The performance comes as Mr. Edward Abambire Bawa leads GOIL’s management as Group CEO and Managing Director.

GOIL has subsequently reported stronger operational momentum in 2026, with the company saying its sales volumes increased by about 45.9 per cent year-on-year between January and April 2026.

The company said it reclaimed market leadership in February and recorded a 13.6 per cent market share in March.

GOIL also recorded approximately 108.86 million litres in sales in April 2026, which the company described as its highest monthly sales volume within the six-year review period.