Goil Company Limited is currently commanding 20 percent shares in the oil downstream retail sector making it the number one Oil Marketing Retail Company in Ghana.
This was revealed by the outgoing Managing Director of the Company Patrick Akorli when the company took its turn at the Fact behind the Figure session at the Ghana Stock Exchange.
“From a distant number 3 we are now number 1. From the retail market we control more than 20 percent. If you add others like the aviation and the mine we will come back to 18 because the multinational too play a major role over there” Mr. Akorli said.
The company after a turbulent start in the early 1990s, has fruitfully has metamorphosed into an enviable company worthy of emulation by competitors and state-owned enterprises (SoEs).
The decision to list in 2007 was, therefore, opportune. It brought with it new energy, hope, good corporate governance and fresh funds for reinvestment.
As these positives took hold, the fruits started showing. GOIL’s total assets soon strengthened from GH¢81.3 million in 2007 to GH¢121 million in 2011. Market share also improved to around 11 per cent, placing GOIL on number three, behind Shell (now Vivo Energy) and Total.
The Company at its 50th Annual General Meeting announced that it made a consolidated profit after tax of GHC81.9 million.
“Over the last five years, the company’s profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GHC81.9 million, up by 26%. The assets of GOIL, as a group grew by 30%, from GHC 1,036 billion to GHC 1,346 billion.
“Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”, Board Chairman Kwamena Bartels reported.
As a result, the Board of Directors proposed a dividend of GHC0.042 per share, a 50% increase over that of the year 2017”.
The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of deep-water Cape three Points oil field.
On issues of Health, Security, Safety and Environment, Hon. Kwamena Bartels said GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operate.
Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal.
Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack were rampant.
Mr Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.
The Group CEO and Managing Director, Mr Patrick AKorli who is retiring after over 23 years of service, assured shareholders the company was on the path of growth.
He noted that GOIL is embarking on major diversification of portfolio to boost profitability and ensure a solid future. He, therefore, asked shareholders to continue to believe in GOIL.
To tap his rich and immense experience, Mr Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL.
Source: Ghana/Starrfm.com.gh/103.5FM/Osei Owusu Amankwaa
