Ghana’s leading Oil Marketing Company, GOIL, has recorded significant growth in key areas of the company’s operations such as its profit after tax, total assets and volume of fuel sold in 2021.
Presenting his statement to shareholders of GOIL Ghana Limited, the Board Chairman of the company, Reginald Daniel Laryea disclosed the improvement in the company’s sales for last year.
“The volume of sales of fuels was approximately 886.6 million litres, about 11% above that of the previous year, thus overtaking growth in the industry which was 9%. The biggest contribution to sales revenue came from our two main products, ‘diesel’ and ‘super’ of which our Ron 95 variety is the market leader.”
The figures were disclosed at GOIL’s 53rd Annual General Meeting held in Accra last Wednesday.
Mr. Laryea also gave more insights into the company’s performance for last year.
“GOIL’s financial performance showed signs of recovery, registering a profit after tax of GH¢98.74 million, up by 9% compared to the year 2020. However, the Company is yet to achieve a figure higher than the corresponding figure registered prior to the year 2020 which was approximately GH¢105 million.
The shareholders voted on and approved five resolutions including, the declaration of a dividend for the year ended December 31, 2021 and the election of Directors retiring by rotation.
The rest were the fixing of Directors’ remuneration, the receipt and consideration of the reports of the Directors and the Auditors and the Financial Statements of the Company for the year ended December 31, 2021, and the authorization of the Directors to fix the remuneration of the company’s Auditors.
Earnings per share increased from GH¢0.23 to GHS 0.253. Total assets increased from GH¢2.1 billion to approximately GH¢2.5 billion.”
“Our financial performance meant the Board was able to approve a final dividend of GH¢0.047 per share for 2021 compared with the GH¢0.045 in 2020”, GOIL’s Board chairman stated.
