GOIL Plc, the only Ghanaian company in the downstream petroleum industry, posted a profit after tax of GH 98.74 million in 2021, an improvement over the previous year.
In comparison to the year 2020, this is 9% greater.
A final dividend of GH0.047 per share was issued as a result. This was a little rise above the GH0.045 amount from the previous year.
In addition, the company's total assets climbed from GHC2.1 billion in 2020 to GHC2.5 billion in the current year.
Reginald Daniel Laryea, GOIL's Board Chairman, revealed this at the company's 53rd Annual General Meeting (AGM) held in Accra on Wednesday.
Shareholders from all across the world participated in the virtual AGM, which they accessed and voted on. and approved a number of board-proposed measures.
Amount of sales
Mr Laryea stated that gasoline sales were around 886.6 million litres, an increase of almost 11% over the previous year.
He claimed that the results were better than the industry average of 9%.
According to him, the performance of "diesel' and Super, particularly Super XP RON 95," contributed the most to sales income.
Other items, such as lubricants and specialized sales to certain industries such as mining and bunkering, he added, had mixed results but contributed positively to the bottom line.
In terms of corporate social responsibility, the Board Chairman stated that the corporation remained dedicated to recognizing and meeting the needs of underserved areas and organizations.
To promote the well-being and quality of life of the poor, they are provided with drinkable water, health, and sanitation services.
Outlook
In terms of the company's future, Mr Laryea stated that the board was confident that the company's bold initiatives, particularly the LPG and Bitumen plants, as well as its determination to find a suitable partner to replace Ezzon Mobil in upstream ventures, would be game-changers that would catapult GOIL to the next level.
In response to queries about the Bitumen facility, Kwame Osei Prempeh, the business's Group Managing Director, stated that a test run would begin in July and full production would begin in August this year, allowing the company to begin reaping the advantages of its investment.
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