GOIL increases profits by 21%; pays GHS1.12bn tax in 2017

Group profits of Ghana Oil Company Limited (GOIL), increased by 21 percent to GH¢65.1 million in 2017.

The oil marketing company also recorded a profit after tax of GH¢39,335 compared to the GH¢35,256,000 recorded in 2016.

GOIL paid GH¢1.128 billion as taxes and levies to the government during the same year.

This was announced by Board chairman of the company Kwamena Bartels at the 49th Annual General Meeting held in Accra.

He told shareholders that despite making lower than expected volume of sales, the GOIL Group also increased its earnings per share from GH¢0.137 in 2016 to GH¢0.166 in 2017.

He said, reduction in fuel sales volumes was however compensated with strong showings in other sectors with Lubricant sales performance growing by 7%, while LP Gas sales also increased by 17% in 2017. The Sale of aviation fuel and Bunkering (Marine Gas Oil) were very impressive, 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, he 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, Mr 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 GHC 0.028 per share up for 2017, up from the 2016 figure of GHC 0.025 per share.

Source: Joy Online

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