TOR returns to profit in almost a decade with GH¢1.09bn net gain in 2025

The Tema Oil Refinery Company Limited (TOR) has staged a major financial turnaround, recording a net profit of GH¢1.093 billion in 2025 after suffering a net loss of GH¢745.27 million in 2024.

The development was highlighted by the State Interests and Governance Authority (SIGA) in its 2025 State Ownership Report, which listed TOR among state-owned enterprises (SOEs) that successfully moved from losses in 2024 to profitability in 2025.

TOR’s latest performance represents an improvement of about GH¢1.84 billion compared with the loss recorded in 2024.

SIGA described the result as TOR’s “first profit in almost a decade”, placing the refinery among six major state-owned entities that recorded significant financial turnarounds during the year.

The refinery’s improved performance contributed to a broader recovery among Ghana’s SOEs, which collectively returned to profitability in 2025 after recording net losses for four consecutive years.

Beyond the improvement in its bottom line, TOR also recorded strong growth in revenue during the period.

Revenue increased by 172.03% year-on-year to GH¢1,970.88 million in 2025, compared with the previous year.

The refinery’s total assets were valued at GH¢3,434.90 million as of the end of the 2025 financial year.

The latest figures mark a significant shift in TOR’s financial position and represent one of the notable turnarounds recorded within Ghana’s state-owned enterprise sector during the year.