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24.05.2019 Business & Finance

GOIL Grows Profit By 26% Over 5 Years

GOIL Grows Profit By 26% Over 5 Years
LISTEN MAY 24, 2019

Ghana's biggest indigenous Oil Marketing Company, now GOIL Company Limited, has made a consolidated profit after tax of GH¢81.9 million.

This was attributed to an increment of 26% growth through the acquisition of more service stations in the country.

This was disclosed by the Chairman of Goil, Hon. Kwamena Bartels at the 50th Annual General Meeting held in Accra on Friday, May 24.

"Over the last five years, the Company's profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GH¢81.9 million, up by 26%. The assets of the GOIL as a group have grown by 30%, from GH¢1.036 billion to GH¢1.346 billion, though the benefit of the increase is yet to be realized," he disclosed.

Earnings per share, according to him, increased from approximately 17pesewas per share to 21 pesewas per share.

Dividend Increment

He explained, "this strong financial performance speaks for an increase in dividend payment and, therefore, the Board proposes a 50% increase over that of the year 2017."


The Board of Directors of the Company, amongst others, have approved a change in the Company's name from Ghana Oil Company Limited to GOIL Company Limited.

This, according to Hon. Bartels will be done in accordance with Section 15 of the Companies Act 1963, Act 179.

Also, the Board has approved to be the local content partner for Exxon Mobil, in the upstream oil and gas sector.

"To be the Local Content partner of Exxon Mobil Exploration and Production Ghana (Deepwater) Limited through its wholly owned subsidiary, GOIL OFFSHORE Company LIMITED, in its exploration activities in respect of Deepwater Cape Three Points Block (DWCTP) Offshore of the Republic of Ghana," he said.


On the issue of health, the Chairman disclosed that several measures have been put in place by the Company to ensure a healthy workforce through health surveillance, health walk/talk and the provision of health Insurance of their staff.

"Our commitment to goal 'Zero Harm' drove us to engage the best safety consultants in the industry, home and abroad, to conduct Hazard Identification and Risk Assessment training for our staff to ensure that hazards are reduced or eliminated," he said.