GOIL PLC has reported a significant financial performance for the year 2024, achieving a profit of GHS84.7 million, which represents a 54.82% increase compared to the previous year. This information was shared by the Board Chairman, Nana Philip Archer, during the company’s 56th Annual General Meeting held in Accra.
Nana Philip Archer attributed this growth to effective financial management, strategic marketing, and operational efficiency despite facing challenges throughout the year. He highlighted that while operating costs rose by 11.2% and finance costs increased by 20.25%, these were counterbalanced by strong revenue generation and disciplined asset management. The total consolidated assets expanded by 20.1% to reach 4.8 billion cedis, with current assets growing by 34%, largely due to increased trade receivables.
The earnings per share saw a notable rise of 54.3%, moving from 0.140 to 0.216. Over a five-year period, profit before tax grew to 136.839 billion in 2024 from 87.272 billion in 2023. The Board proposed a dividend per share of GH₵0.056, totaling GH₵21,944,335 for the year, which was approved at the meeting.
Looking ahead to 2025, Nana Philip Archer expressed optimism about opportunities arising from a peaceful political transition and stabilized macroeconomic conditions. Key initiatives include expanding LPG bottling plants in Tema and Kumasi with a combined capacity of 1,200 metric tons to support the Cylinder Recirculation model and increasing market penetration in aviation, mining, and auto gas sectors.
The Group CEO/MD of GOIL Plc, Mr. Edward Abambire Bawa emphasized that management is committed to adapting to green transition innovations to remain competitive and reclaim its position as a leading OMC in terms of market share. He mentioned that a target-based performance review system is being implemented to enhance business operations and achieve key objectives.