The Bulk Energy Storage and Transportation (BEST) Company Limited, formerly known as BOST, has reported impressive growth in its revenue for the financial year 2024, pushing the company’s net profit to a whopping GHS 398 million—up from GHS 208.01 million in 2023.
This represents an increase of approximately 91% over the 2023 net profit.
The company’s revenue for 2024 rose to GHS 1.29 billion, up from GHS 1.15 billion in 2023, reflecting robust cost management and operational discipline, according to Board Chairman, Prof. Saint Kuttu, as stated in the company’s 2024 Annual Report.
“Although revenue rose modestly from GHS 1.29 billion to GHS 1.15 billion, tighter cost controls ensured that a far greater share of every cedi earned was converted into profit,” he said.
Prof. Kuttu noted that BOST’s role in the implementation of the government’s Gold-for-Oil (G4O) initiative, aimed at reducing pressure on the local currency, the cedi, contributed significantly to the company’s 2024 revenue performance.
“BOST made progress in optimising the utilisation of its assets, including improved use of tanks, river barges, and pipelines.
This increase was underpinned by enhanced product volumes under the Gold-for-Oil programme. These operational gains directly contributed to our financial success and aligned with our strategic objective of positioning BOST as a reliable and efficient backbone of Ghana’s petroleum logistics infrastructure,” he added.
He explained that the 2024 performance confirms BOST’s ability to deliver consistent and meaningful returns to its shareholder.
“Overall, the 2024 performance has positioned BOST for future capital investments in infrastructure and strategic ventures in the clean energy transition space,” he stated.
The company’s total asset value grew from GH¢2.27 billion in 2023 to GH¢2.65 billion in 2024, while total liabilities declined from GH¢1.99 billion in 2023 to GH¢1.97 billion in 2024.
Looking ahead, Prof. Kuttu stated that the company will undergo a strategic realignment to reposition the business for long-term success.
He mentioned that a Green Transition and Alternative Fuels Department has been established to focus on green fuels, biofuels, and energy transition technologies.
This initiative aligns with Ghana’s broader energy transition framework and the company’s commitment to sustainability.
Prof. Kuttu added that the company has initiated a restructuring program aimed at streamlining operations, eliminating redundancies, and building an agile and performance-driven organization.
According to him, BOST has transitioned from the Gold-for-Oil program toward trading on open account terms.
This shift is intended to deepen commercial relationships, improve liquidity management, and enhance flexibility in its procurement model.
He further announced the establishment of an Enterprise Risk Management Department to strengthen risk identification, mitigation, and response—ensuring effective risk governance, organizational resilience, and improved profitability.
Additionally, the company is investing in enterprise systems, cybersecurity infrastructure, and staff training to protect its data and operations, while also expanding its infrastructure across the country.
Source: https://energynewsafrica.com
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