GOIL makes GHC65.1m profit; pays GHC1.12 billion in taxes

Group profits of Ghana Oil Company Limited (GOIL) amounted to GHC65.1 million in 2017, representing a 21 percent increase, Kwamena Bartels, Chairman of the group announced in Accra on Wednesday.

“GOIL, as a company, also recorded a profit after tax of GH¢39,335 compared to the GHC35,256,000 recorded in 2016,” he said.

Additionally, Chairman Bartels said GOIL paid GHC1.128 billion as taxes and levies to government during the year under review.

He told shareholders at the company’s 49th Annual General Meeting that despite making lower than expected volume of sales, the GOIL Group also increased its earnings per share from GHC0.137 in 2016 to GHC0.166 in 2017.

Mr Bartels said, reduction in fuel sales volumes was however compensated with strong showings in other sectors with lubricant sales performance growing by seven percent, while LP Gas sales also increased by seventeen percent in 2017.

“The sale of aviation fuel and bunkering (marine gas oil) were very impressive,” he said, noting that GOIL still remained the number one oil marketing company with 20 percent of the market share up from the 2016 share of 18.2 percent.

On future prospects, Mr Bartels said GOIL has been selected as one of the OMCS to lead in the implementation of the new National Gas Re-circulation Policy and will build three gas-filling plants in Tema, Kumasi and Tamale.

Work on Bitumen factory and a lubricant blending and filling plants will also begin this year, he noted.

The Managing Director and Group Chief Executive Officer, Patrick Akorli, assured shareholders the company was on a positive trajectory and in good financial health.

He appealed to shareholders to embrace the dividend declared explaining that the new investments and diversifications will further position GOIL as a proud indigenous and financially stable oil marketing entity.

GOIL declared a dividend of GHC0.028 per share up for 2017, up from the 2016 figure of GHC0.025 per share.

Government of Ghana holds 134,123,596 shares representing 34.23 percent; Social Security and National Insurance Trust (SSNIT) shares stood at 97,965,782, representing 25.00 percent; and Bulk Oil Storage and Transport (BOST) 78,475,596 shares, representing 20.03 percent.