Ghana’s indigenous oil marketing company, GOIL PLC, recorded significant financial performance in 2024, with its consolidated profit reaching GH¢84.7 million.  

This represents a 54.82 per cent increase on the figure recorded in 2023. The company’s total assets also expanded by 20.1 per cent, reaching GH¢4.8 billion in 2024.  

Mr Philip Archer, the Board Chairman, GOIL PLC, speaking during the 56th Annual General Meeting held in Accra, attributed the growth to “prudent financial management, strategic marketing, and operational efficiency.”  

“While operating costs increased by 11.2 per cent and finance costs by 20.25 per cent, these were offset by strong revenue generation and disciplined asset management.”   

“…With current assets showing a robust 34 per cent growth, primarily driven by increased trade receivables. Earnings per share rose significantly by 54.3 per cent, from GH¢0.140 to GH¢0.216,” Mr Archer stated in the company’s 2024 Annual Report.  

He said despite the impact of global external factors in the year under review, the company continued to prioritise health, safety, security, environment, quality and compliance across its operations.   

“In the area of health and safety, we intensified risk assessments, safety audits, and wellness initiatives, resulting in a notable reduction in lost time injuries and near misses,” he said.   

“Regarding security, we expanded surveillance and laid the groundwork for a centralised CCTV monitoring centre to be launched in 2025.”   

“Our 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 expansion of the LPG bottling plants in Tema and Kumasi, aimed at advancing the Cylinder Recirculation Model.   

“We also aim to deepen market penetration in the aviation, mining, and auto gas segments. Continued automation of business processes remains a key priority. These investments will drive cash flow, enhance competitiveness, and position GOIL for future growth,” he stated.  

In line with performance, GOIL PLC maintained dividend per share of GH¢0.056 for the 2024 financial year.  

The Board Chairman expressed commitment to excellence in corporate governance and ethical leadership in the years ahead.   

“Our strategic focus in 2025 will be on embedding innovation, technology, and robust risk governance into our corporate DNA,” he noted.   

“We will prioritise integrated risk management, real time compliance monitoring, and technology adoption to safeguard the future and deliver lasting value to our stakeholders.”  

Mr Edward Bawa, the Managing Director, GOIL PLC, emphasised the company’s goal of staying competitive and becoming the leading oil marketing company in Ghana.  

Expressing satisfaction at the company’s 2024 financial performance, he indicated its continuous adaptation to green transitions and new innovations in the oil sector, as it worked to increase profits and shared values in the years ahead.  

Source: GNA