GOIL Plc has made a net profit after tax of GH¢123.89 million in the year 2022, up by 26 per cent compared to the year 2021.
The Oil Marketing Company has as a result declared a dividend of GH¢0.056 to its shareholders.
This represents an increase of 19 per cent compared to the year 2021. Earnings per share also rose to GH¢0.316 in 2022, compared to GH¢0.052 in the previous year.
These were disclosed by the Board Chairman of the company, Mr Reginald Daniel Laryea, at the company’s 54th annual general meeting held in Accra on Wednesday.
Mr Laryea noted that as a result of the company’s drive to provide stations to many underserved communities, GOIL PLC increased its number of stations by 4 per cent.
The company’s fuel sales grew by 21.4 per cent during the year 2022, compared to the previous year. Consequently, the overall market share grew from 15.32 per cent in 2021 to 20.11 per cent in 2022.
Similarly, the company continued its dominance of the bunkering market, increasing its market share from 60 per cent in 2021 to 73 per cent in 2022.
He explained that GOIL achieved these positive results despite the harsh external and internal economic conditions.
On the company’s prospects, he announced the completion of the construction of the long-awaited bitumen, hoping that it would boost the construction of roads in the country.
He also mentioned the construction of two Cylinder Recirculation Model refilling plants at Tema and Kumasi, and the completion of modern Auto Gas projects to enhance gas service delivery.
The Group Chief Executive Officer and Managing Director, GOIL, Mr Kwame Osei Prempeh, assured customers that recent sporadic fuel shortages driven by logistical setbacks have been overcome while apologising to consumers, assuring that enough stocks have been pushed unto the market to shore up supplies.
He also explained that the bitumen plant, which had begun operations, would be commissioned soon to enable the contractors and the Ministry of Roads and Highways to get enough quantities to construct more roads.
Shareholders in a resolution re-elected Ms Angela Forson, Mr John Boadu, and Mr Stephen Abu Tengan as Directors.