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BUSINESS: GOIL PLC increases profit, dividend to shareholders up by 19%

GOIL PLC says it has made a net profit after tax of GH₵123.89 million in the year 2022, up by 26% compared to the year 2021.


The Oil Marketing Company has as result declared a Dividend of GH₵0.056 to its shareholders.


According to GOIL PLC, it represents an increase of 19% compared to the year 2021. 


Thinknewsonline.com has gathered that earnings per share also rose to GH₵0.316 in 2022 compared to GH₵0.052 the previous year.


These were disclosed by the Board Chairman of the company, Reginald Daniel Laryea, at the company’s 54th Annual General Meeting (AGM) held in Accra.


Mr. Laryea noted that as a result of the company’s drive to provide stations to many under-served communities, GOIL PLC increased its number of stations by 4 percent.


The company’s fuel sales grew by 21.4% during the year 2022, compared to the previous year.


Consequently, the overall market share grew from 15.32% in 2021 to 20.11% in 2022.


Similarly, the company continued its dominance of the bunkering market increasing its market share from 60% in 2021 to 73% in 2022.


He explained that GOIL achieved these positive results despite the harsh external and internal economic conditions.


On the company’s future prospects, he announced the completion of construction of the long-awaited Bitumen, hoping that it will boost the construction of roads in the country.


He also mentioned the construction of the two Cylinder Recirculation Model refilling plants at Tema and Kumasi, and the completion of modern Auto Gas projects to enhance gas service delivery.


The Group CEO and MD of GOIL PLC, Mr. Kwame Osei Prempeh assured customers that recent sporadic fuel shortages driven by logistical setbacks have been overcome while apologizing to consumers, he assured that enough stocks have been pushed unto the market to shore up supplies.


He also explained that the Bitumen plant which has begun operations will be commissioned soon to enable the contractors and the Ministry of Roads and Highways get enough quantities to construct more roads.


Shareholders in a resolution re-elected Ms. Angela Forson, Mr. John Boadu and Mr. Stephen Abu Tengan, as Directors.


In attendance at the AGM were Board members, Management of GOIL and some Shareholders stakeholders and the Company’s Brand Ambassador, Barima Azumah Nelson.


Story by: Think News Desk

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