Accra: Ghana’s indigenous oil marketing company, GOIL PLC, recorded significant financial performance in 2024, with its consolidated profit reaching GHC84.7 million. This represents a 54.82 percent increase on the figure recorded in 2023. The company’s total assets also expanded by 20.1 percent, reaching GHC4.8 billion in 2024.
According to Ghana News Agency, Mr Philip Archer, the Board Chairman of GOIL PLC, speaking during the 56th Annual General Meeting held in Accra, attributed the growth to ‘prudent financial management, strategic marketing, and operational efficiency.’ Despite operating costs increasing by 11.2 percent and finance costs by 20.25 percent, these were offset by strong revenue generation and disciplined asset management.
With current assets showing a robust 34 percent growth, primarily driven by increased trade receivables, earnings per share rose significantly by 54.3 percent, from GHC0.140 to GHC0.216, Mr Archer stated in the company’s 2024 Annual Report. He emphasized that despite the impact of global external factors, the company continued to prioritize health, safety, security, environment, quality, and compliance across its operations.
In the area of health and safety, GOIL intensified risk assessments, safety audits, and wellness initiatives, resulting in a notable reduction in lost time injuries and near misses. Regarding security, the company expanded surveillance and laid the groundwork for a centralized CCTV monitoring center to be launched in 2025. Quality efforts included maintaining product integrity through routine testing, mystery shopping, and customer feedback loops.
Expressing optimism about the company’s new Bitumen Plant, Mr Archer highlighted the expansion of the LPG bottling plants in Tema and Kumasi, aimed at advancing the Cylinder Recirculation Model. GOIL also aims to deepen market penetration in the aviation, mining, and auto gas segments. Continued automation of business processes remains a key priority, with these investments expected to drive cash flow, enhance competitiveness, and position GOIL for future growth.
In line with performance, GOIL PLC maintained a dividend per share of GHC0.056 for the 2024 financial year. The Board Chairman expressed a commitment to excellence in corporate governance and ethical leadership in the years ahead. The company’s strategic focus in 2025 will be on embedding innovation, technology, and robust risk governance into its corporate DNA. Prioritizing integrated risk management, real-time compliance monitoring, and technology adoption will safeguard the future and deliver lasting value to stakeholders.
Mr Edward Bawa, the Managing Director of GOIL PLC, emphasized the company’s goal of staying competitive and becoming the leading oil marketing company in Ghana. He expressed satisfaction with the company’s 2024 financial performance and indicated its continuous adaptation to green transitions and new innovations in the oil sector to increase profits and shared values in the coming years.