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.
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.
