GOIL maintains dividend despite 56% profit decline amid rising costs
A GOIL fuel station
GOIL PLC, an indigenous Oil Marketing Company, has opted to maintain a dividend payment of GH¢0.056 per share for 2023 despite a significant profit drop of 56%, Graphic Business reports.
Read full articleThe company's profits fell from GH¢123.9 million in 2022 to GH¢54.7 million in 2023, attributed to rising finance and operational costs. Finance costs increased by 196%, while operational costs grew by 25%.
At the company's 55th Annual General Meeting, Board Chairman Mr. Reginald Daniel Laryea cited inflation, foreign exchange challenges, supply chain issues, higher utility costs, and industry-wide product quality problems as key factors. He apologized to customers for fuel quality issues, stating the problem was resolved by year-end.
Looking forward, GOIL plans to commission a bitumen plant, start cylinder recirculation, and explore electric vehicle opportunities. Additionally, GOIL is seeking partners to develop its oil prospects following ExxonMobil's exit from the Deepwater Cape Three Points block agreement. Investments in technology have also reduced armed robbery incidents by 40%, although cyber fraud remains a challenge.
