Board Chairman of GOIL Plc, Nana Philip Archer (middle), presenting the chairman’s statement., while Edward Abanbire Bawa, Group CEO/MD (right) and Nana Ama Kusi-Appouh, Company Secretary look on.
GOIL PLC recorded a robust performance in 2024 financial year, recording a year-on-year profit of GH₵84.7 million, a 54.82% growth over that of the previous year.
The Board Chairman of GOIL, Nana Philip Archer who disclosed this at the 56th Annual General Meeting (AGM) to Shareholders in Accra said the growth was achieved through prudent financial management, strategic marketing, and operational efficiency despite a challenging year.
He noted that while operating costs increased by 11.2% and finance costs by 20.25%, these were offset by strong revenue generation and discipline asset management. Total consolidated assets, he noted, expanded by 20.1% to 4.8 billion cedis, with current assets showing a robust 34% growth, primarily driven by increased trade receivables.
Earnings per share rose significantly by 54.3% from 0.140 to 0.216. From the five-year performance, profit before tax recorded GH₵136.839 billion in 2024 from GH₵87.272 billion in 2023. The Board proposed a dividend per share of GH₵0.056 amounting to GH₵21,944,335 for 2024 which was accepted.
Nana Archer explained that the decision was aimed at balancing short-term Shareholder returns with long term financial stability.
On the future outlook for 2025, Nana Philip Archer said, with a peaceful political transition and stabilized macroeconomic outlook, 2025 will offer a window of opportunity.
Key initiatives for the year included the expansion of the LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tons, aimed at advancing the Cylinder Recirculation model. The company also aims to deepen market penetration in the aviation, mining and auto gas segments.
The Board Chairman noted that the company’s strategic focus in 2025 will be embedding innovation, technology, and robust risk governance into the corporate DNA.
The Group CEO/MD of GOIL Plc, Edward Abambire Bawa, noted that management ensure that in the spirit of green transition, GOIL adapt to the new innovations, be more competitive and take over its rightful place as the as the OMC in terms of market share.
According to him, the management is implementing a target-based performance review system to enhance business operations as part of efforts to achieve key business objectives.
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