GOIL PLC, Ghana’s largest indigenous petroleum downstream player, posted a net profit after tax of GH¢84,698,000 in 2024, representing a 54.82% increase over the previous year’s net profit of GH¢54,706,000.
In 2024, the group generated revenue of GH¢19,348,106,000 compared to GH¢20,606,778,000 in 2023 and paid a dividend per share of 0.056 to shareholders.
Despite making a huge profit after tax, shareholders at the company’s 56th Annual General Meeting in Accra on Thursday voted to maintain the 2023 dividend per share of 0.056 for the year 2024.
Addressing the shareholders, Board Chairman of GOIL PLC Nana Philip Archer highlighted the challenges Ghana’s economy faced in 2024.
He mentioned inflationary pressure and exchange rate instability leading to inflation closing the year at 20.4 per cent and cedi depreciating by 19 per cent against the US dollar.
Despite these challenges, Nana Archer said the company was able to navigate through the storms and made profit due to prudent financial management, strategic marketing and operational efficiency.
He noted that though operating costs increased by 11.12 per cent and finance costs by 20.25 per cent, they were offset by strong revenue generation and disciplined asset management.
He reported that the company’s total consolidated assets grew by 20.1 per cent to GH¢4.8 billion.
Looking ahead, Nana Archer said the company would expand its LPG bottling plants in Tema and Kumasi to 1,200 metric tons to advance the LPG Cylinder Recirculation Model policy.
He added that the company would also deepen market penetration in the aviation and mining sectors, including auto gas segment, and continue with the business automation processes.
Source: https://energynewsafrica.com
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