GOIL’s profit after tax rises by 9% to hit GH¢ 98.7 million in 2021

Leading Oil Marketing Company GOIL has recorded significant growth in key areas of the company’s operations such as its profit after tax, total assets and volume of fuel sold in 2021.

This was revealed at GOIL’s 53rd Annual General Meeting held in Accra.

The 53rd Annual General Meeting of GOIL which was held on the 15^th of June, 2022, saw shareholders vote on and approve 5 resolutions including, the declaration of a dividend for the year ended December 31, 2021, the election of Directors retiring by rotation, the fixing of Directors’ remuneration, the receipt and consideration of the reports of the Directors and the Auditors and the Financial Statements of the Company for the year ended December 31, 2021, and the authorization of the Directors to fix the remuneration of the company’s Auditors.

In his statement to shareholders, the Board Chairman of the GOIL Company Limited, Reginald Daniel Laryea shared the improvement in the company’s sales for last year.

“The volume of sales of fuels was approximately 886.6 million litres, about 11% above that of the previous year, thus overtaking growth in the industry which was 9%. The biggest contribution to sales revenue came from our two main products, “diesel” and “super” of which our Ron 95 variety is the market leader.”

Mr. Laryea also gave more insights into the company’s performance for last year.

“GOIL’s financial performance showed signs of recovery, registering a profit after tax of Gh¢ 98.74 million, up by 9% compared to the year 2020. However, the Company is yet to achieve a figure higher than the corresponding figure registered prior to the year 2020 which was approximately Gh¢ 105 million.

Earnings per share increased from Gh¢ 0.23 to GHS 0.253. Total assets increased from 2.1 billion Cedis to approximately 2.5 billion Cedis.”

“Our financial performance meant the Board was able to approve a final dividend of GH¢ 0.047 per share for 2021 compared with the Gh¢ 0.045 in 2020.”