Tuesday, August 5, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

GOIL records GH₵84.7m profit after tax in 2024

GOIL achieves strong financial performance with GH₵84.7 million profit after tax in 2024

NewsCenta by NewsCenta
June 20, 2025
in Business
0
GOIL profit

GOIL 56th Annual meeting

Share on FacebookShare on Twitter

GOIL PLC recorded a robust performance in the 2024 financial year, achieving GH₵136.839 million profit before tax, compared to GH₵87.272 million in 2023.

This resulted in a profit after tax of GH₵84.7 million in 2024, representing a 54.82% growth over that of the previous year.

You might also like

T-Bills auction

Appetite for T-Bills plunges despite auction oversubscription

August 5, 2025
Borrowing costs policy BoG gold Asiama

BoG to hedge a third of total gold reserves – Dr Asiama

August 3, 2025

Financial and operational strategy

Board Chairman of GOIL, Nana Philip Archer, who announced this at the 56th Annual General Meeting (AGM) to shareholders in Accra, said the growth was achieved through prudent financial management, strategic marketing, and operational efficiency, despite a challenging year.

Cost increases offset by revenue gains

He noted that while operating costs increased by 11.2% and finance costs by 20.25%, these were offset by strong revenue generation and disciplined asset management.

Asset base and shareholder value expand

Total consolidated assets, he added, expanded by 20.1% to GH₵4.8 billion, with current assets showing a robust 34% growth, primarily driven by increased trade receivables.

Earnings per share rose significantly by 54.3%, from GH₵0.140 to GH₵0.216.

Dividend proposal accepted by shareholders

The Board proposed a dividend per share of GH₵0.056, amounting to GH₵21.9 million (GH₵21,944,335) for 2024, which was accepted.

Nana Archer explained that the decision was aimed at balancing short-term shareholder returns with long-term financial stability.

Drivers of optimism for 2025

On the future outlook for 2025, Nana Philip Archer said that, with a peaceful political transition and a stabilised macroeconomic outlook, 2025 will offer a window of opportunity.

LPG plant expansion and sector penetration

Key initiatives for the year include the expansion of LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tons, aimed at advancing the Cylinder Recirculation Model.

The company also aims to deepen market penetration in the aviation, mining, and auto gas segments.

Innovation, technology, and governance

The Board Chairman noted that the company’s strategic focus in 2025 will be embedding innovation, technology, and robust risk governance into the corporate DNA.

CEO Commits to operational excellence

The Group CEO/Managing Director of GOIL PLC, Edward Abambire Bawa, noted that management will ensure that, in the spirit of the green transition, GOIL adapts to new innovations, becomes more competitive, and reclaims its rightful place as the leading Oil Marketing Company (OMC) in terms of market share.

Performance management system

He also stated that management is implementing a target-based performance review system to enhance business operations as part of efforts to achieve key business objectives.

Post Views: 202
Tags: Edward Abambire BawaGOILOil Marketing CompanyTema
NewsCenta

NewsCenta

Related Stories

T-Bills auction

Appetite for T-Bills plunges despite auction oversubscription

by NewsCenta
August 5, 2025
0

Despite registering an oversubscription at its latest Treasury bill (T-bills) auction, investor demand for Ghana’s short-term government securities has declined...

Borrowing costs policy BoG gold Asiama

BoG to hedge a third of total gold reserves – Dr Asiama

by NewsCenta
August 3, 2025
0

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced that the central bank is preparing to...

Haruna Fintech MoMo

Shaibu Haruna dedicates Fintech CEO Award to MoMo customers

by NewsCenta
August 3, 2025
0

Chief Executive Officer of MobileMoney (MoMo) Limited, Shaibu Haruna, has been crowned CEO of the Year – Fintech at the...

BoG remittances compliance

BoG tightens rules on remittances amid compliance failures

by NewsCenta
July 30, 2025
0

The Bank of Ghana (BoG) has announced stricter measures against Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers...

Recommended

NIA GRA's debt

NIA disconnects GRA’s access over GH¢376.7m debt

August 5, 2025
T-Bills auction

Appetite for T-Bills plunges despite auction oversubscription

August 5, 2025
CSA Police fraud

CSA, Police clamp down on online fraud syndicates

August 5, 2025

Popular Story

  • Songs Daddy Lumba

    See the list of over 200 songs Daddy Lumba released

    729 shares
    Share 292 Tweet 182
  • 10 of top 11 causes of death killing more men in Ghana

    696 shares
    Share 278 Tweet 174
  • Bissue floors High Court and OSP at Supreme Court

    689 shares
    Share 276 Tweet 172
  • Monday, May 26, 2025 Newspaper Headlines

    670 shares
    Share 268 Tweet 168
  • Tuesday, June 10, 2025 Newspaper Headlines

    658 shares
    Share 263 Tweet 165
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Trade
  • Opinion
  • Videos

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us