GOIL sustains growth

Ghana Oil Company Limited (GOIL) performed creditably last year by making GHC 72.979 million financial contributions to the government of Ghana which is the majority shareholder of the company.

This was disclosed by the board chairman of GOIL, Prof William A. Asomaning at the company’s annual general meeting of shareholders held at the auditorium of the College of Physicians and Surgeons in Accra yesterday.

Prof Asomaning told the shareholders that GOIL’s performance in terms of growth in volumes of sales went above its average growth rate of 5%. From 1% growth in 2011 sales volumes increased by 11% in 2012.

The company’s profit after tax in the year under review also grew by 19% with earnings per share improving by 18%. In line with the company’s policy of paying not less than 30% of profit after taxation as dividends, a dividend pay-out of GHC 0.015 per share to shareholders which is equivalent to about 33% of profit after tax was proposed for shareholders.

Prof Asomaning said these significant achievements were recorded following the successful implementation of GOIL’s planned strategies after launching a rebranding exercise in mid 2012. These include the opening of at state of the act service stations and the renovation of old service stations across the country.

The board chairman emphasized that despite stiff competition in the downstream oil industry, GOIL was able to stand firm because of internal reforms and key partnerships lined up to position the company to deliver. He mentioned the provision of aviation fuel for airlines in the country and bunkering services for ships as some of the new strategies adopted by GOIL to stay in business and make profit.

The shareholders approved the re election of three retiring directors. They are; Mr. Chris A. Ackummey, Mr. Eugene Akoto - Bamfo and Mr. Kojo Bonsu.

On his part, the Managing Director of GOIL, Mr. Patrick Akorli explained to the Shareholders for resolution the transfer of GHC 20 million from the Income Surplus Account to the Stated Capital Account.

He assured the shareholders that GOIL’s plan to be the oil marketing company of choice in the country is on course and the future definitely looks brighter for GOIL.