GOIL maintains dividend despite 50% decline in profit

GOIL PLC has maintained its dividend to shareholders despite a challenging year.
This was announced at the company’s 55th Annual General Meeting of shareholders held in Accra.
The Meeting which was also attended by other stakeholders declared a dividend of GH₵0.056 per share, amounting to GH₵21.9 million (GH₵21,944,335) for the year ending 31st December, 2023.
The board chairman of the company, Mr. Reginald Daniel Laryea, told shareholders that despite a tough operating environment, GOIL PLC achieved a modest profit of GH₵54.7 million profit.
He explained that the adoption of sound financial, operating and marketing strategies enabled the company to achieve modest consolidated profit in the face of difficulties it faced in 2023.
This includes high operational costs, elevated inflationary pressures and higher utility costs.
This was in addition to industry-wide product quality issues which have been successfully resolved.
GOIL, he said, will continue to showcase its resilience in its ability to generate returns for shareholders as a demonstration of keeping faith with them even in times of difficulties.
He expressed appreciation for the steadfast support and confidence shareholders of GOIL have in the company, saying, “your shareholding is highly valued and cherished” thus the decision to maintain the dividend payment. This reflects ‘our commitment to shareholder value and our optimism for the future of your company”, he added.
On assets, Mr. Laryea noted that even though the consolidated total assets decreased from GH₵4.6 billion in 2022 to GH₵4 billion in 2023, the consolidated non-current assets including property, plant and equipment grew from GH₵1.4 billion in 2022 to GH₵1.6 billion in 2023, representing a 14.58% increase.
This highlights the company’s continued investment in key assets to support future growth and sustainability, he asserted.
GOIL, he noted, has also identified a strategic partner with whom it has signed a Farmout Agreement with.
The signing of a new farm-out agreement follows the pull-out and exit of ExxonMobil from the Deepwater Cape Three Points (DWCTP) block Petroleum Agreement (PA).
On the future outlook for the business, the Group CEO/MD of GOIL Plc, Kwame Osei Prempeh announced that the GOIL Bitumen plant was now fully operational and will soon commission the facilities.
Additionally, the two LPG Cylinder Recirculation Plants in Tema and Kumasi are expected to be fully operational in the first quarter of 2025.
These and other prudent administrative decisions by the Board and Management of the business make the future prospects of the company very bright, hoping it will assure shareholders of good dividends.
Present at the 55th GOIL AGM were Board members of GOIL and GO Energy, Management, Shareholders, and representatives from the Oil Marketing industry, the Board Chairman of GO Energy and former MD of GOIL, Mr. Patrick Akorli, Brand Ambassador for GOIL, Prof. Azumah Nelson, and other stakeholders.