Ghana: GOIL Maintains Dividend To Shareholders Despite Covid-19 Downturn

Ghana’s leading indigenous oil marketing company, GOIL, has maintained the 2019 dividend it paid to its shareholders for the year 2020 despite the impact of the Covid-19 pandemic which caused the company’s profit to dip.

The company’s profit, after tax in 2020, was GHC90.03 million, down by 14.5 per cent, compared to that of the previous year.

Consequently, earnings per share also fell by 14.5 per cent.

Despite the fall, Chairman of the Board, Mr Kwamena Bartels said the Board has decided to pay a dividend by the same amount as that of last year which was GHC0.45 per share.

Speaking at the company’s 52nd Annual General Meeting which was held virtually, Mr Kwamena Bartels said GOIL remained committed to its shareholders, hence, the decision to maintain the dividend despite the impact of Covid-19 pandemic on the company’s earnings last year.

Innovation

Mr Bartels said GOIL had put in place initiatives especially in the area of technology to boost its operations.

For instance, he said the company had leveraged on technology to improve its cash collection methods through the use of cashless system by its customers to purchase items at its service stations and other outlets.

“The company leveraged information technology to get our bank accounts credited the following day after cash collections from our stations. The intervention has also helped to reduce stock-outs at the stations because our retail dealers are directly credited with the amounts collected at the stations, right on the following day,” he said.

With regard to electronic transactions, he said GOIL had integrated all its service on GHlink, a national payment platform.

“This means that any GHlink electronic card holder can use card to buy fuel at all our 400 service stations throughout the country,” he said.

GOIL, he noted had also developed a mobile phone application that would allow customers to use QR codes for payment, a move that would eventually phase out the use of cards for payment.

“Whilst reducing physical cash handling, this would further mitigate the risk of transmitting any virus during transactions,” he said.

Source: www.energynewsafrica.com