Ghana: GOIL Plc records ¢123.8m profit in 2022; declares ¢0.056 dividend for shareholders

Oil Marketing Company, GOIL PLC improved its performance in 2022 by registering a profit of ¢123.89 million.

This is 26% higher than what was recorded in 2021.

In view of this, the company has declared a final dividend of ¢0.056 per share for the 2022 financial year which represents a growth of 19% over the 2021 financial year.

The company’s overall market share grew from 15.32% in 2021 to 20.11% in 2022

Speaking at the 54th Annual General Meeting, Board Chairman, Reginald Daniel Laryea, indicated that the indigenous company will enhance its operations and systems to provide quality products and services.

He reiterated the commitment to continue to provide valuable products and services to its stakeholders, and also implement programmes to maintain its position as the leading oil marketing company in the country.

“The internal and external conditions that prevailed over the course of the year 2022 were unfavorable to Ghana but we were able to record a profit after tax of ¢123.89 million in the year 2022, up by 26% compared to the previous year”.

“Earnings per share rose to ¢0.316 in 2022, compared to the year 2021 which was ¢0.252. We are happy to declare a dividend of ¢0.056 to our cherished shareholders, up by 19% compared to the year 2021”, he said.

Group Chief Executive Officer, Kwame Osei Prempeh, said “The company had leveraged technology to improve on its cash collection methods through the use of a cashless system by its customers to purchase items at its service stations and other outlets”.

The company also said it continued to dominate the bunkering market in Ghana increasing its market share from 60% in 2021 to 73% in 2022.