The Bulk Oil Storage and Transportation Company Limited (BOST) management has denied reports that it suffered a GH400 million loss.
Insisting that BOST is successful, the business's management stated that the company produced more than GH9.8 million profit before tax in 2020, the first time since 2016.
"BOST's claim of the GH400 million losses is inaccurate." "To quantify a company's profitability and operational efficiency, one must first establish whether the company's fundamental activities (core business) are lucrative," BOST management claimed in a statement.
"In his submission to SIGA, the Managing Director was adamant that the firm earned a profit before tax of GH9,844,673 vs an expected GH30 million in 2020 as opposed to a loss of GH158,478,676 in 2019. The achievement of a positive net profit before tax in 2020 presupposes a major reversal in the company's operational fortunes."
According to management, several media sites stated that a study provided by the State Interest and Governance Authority (SIGA) revealed that BOST lost GH400 million in 2020, contrary to prior assertions by the company's MD, Edwin Provencal, claiming the firm had a profit of roughly GH30 million.
However, BOST claims that some media outlets' reporting do not accurately portray the situation.
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