The company's profits dropped by 56 percent, with a decrease from GH¢123.9 million in 2022 to GH¢54.7 million in 2023. This decline was accompanied by a substantial rise in finance and operational costs. Finance costs surged by 196 percent, increasing by GH¢54.7 million, while operational costs rose by 25 percent.

The announcement was made by Mr. Reginald Daniel Laryea, Board Chairman of GOIL PLC, at the company's 55th Annual General Meeting last Thursday. Mr. Laryea attributed the reduced profits and higher costs to inflationary pressures driven by foreign exchange challenges, supply chain bottlenecks, higher utility costs, and industry-wide product quality issues.

Mr. Laryea apologized to customers affected by the product quality challenges, noting, “The past year was a particularly challenging one for our Company, fuel-quality wise. This peaked in the last quarter of the year when the perception that all the OMC super fuel was contaminated was rife. 

“The actual cause was unfortunately not detectable by test facilities in-country. Thankfully the situation was brought under control before the year ended,” he said. 

Looking ahead, Mr. Laryea highlighted the company's plans to commission a bitumen plant, start cylinder recirculation pending approval from authorities, and explore opportunities in the electric car industry due to its potential impact on the oil sector.

Following ExxonMobil's exit from the Deepwater Cape Three Points block agreement, GOIL, through its subsidiary GOIL Upstream Limited, is actively seeking partners to develop its oil prospects.

Mr. Laryea also reported a 40 percent decrease in armed robbery cases at GOIL fuel stations, thanks to investments in technology. However, he noted an increase in cyber and electronic payment system fraud, which the company is working to mitigate.