The share price of the nation’s foremost indigenous Oil Marketing Company, Ghana Oil Company Limited (GOIL) has taken an upward trajectory as it has moved from GH¢1.1 December 28, 2016 to GH¢10 as at April 2018.
These indicators, a Stock Market Expert told the Ghana News Agency in an interview on Tuesday ahead of GOIL’s 49th Annual General Meeting slated for Wednesday, April 25, that it should spur shareholders on in making more investments in the Company.
Analysis of the downstream market, indicates that GOIL remained the biggest company in the country in terms of market share, as it achieved a market share of about 20 per cent in 2017, up from 18.2 per cent in 2016, and from all indications, the company was on course to achieving the target of 30 per cent market share by the end of year 2020.
The analysis also revealed that the GOIL Group’s financial results were impressive as the Group made a net profit of GH¢65.1 million, up by 21 per cent. The Group also increased its earnings per share from GH¢0.137 in 2016 to 0.166 as at the close of 2017.
Meanwhile, Mr Kwamena Bartels, Board Chairman of GOIL has attributed the company’s growth to the competency of the Board, Management and Staff, which had been a significant contributory factor to the evolution of the nation’s foremost OMC.
He therefore commended all the previous Boards for their hard work, dedication and competent visionary direction, which bequeathed to the current Board, a Company in full health and ready to compete with the best anywhere.
“I will particularly, like to commend the immediate past Board headed by Professor William Asomaning for facilitating a smooth handover to the current Board,” Mr Bartels stated.
Mr Bartels however admitted that it was really exhilarating to manage a homogeneous company that competed well with multinationals in the country.
In spite of these, the year 2017 saw re-engineering of the marketing operations of GOIL in order to beat the competition, technologies were introduced to improve information flow from the retail stations to the Head office and vice versa, he said.
A notice of the GOIL’s 49th Annual General Meeting, by the order of the Board issued by the Company Secretary, Nana Ama Kusi-Appouh indicates that the Board was expected to propose a resolution to the shareholders to accept the 2017 accounts as the true and fair view of the state of affairs of the company for the year ended December, 2017 and of its performance for the year then ended.
The Board would also recommend the payment of a dividend of GH¢0.028 per share amounting to GH¢10,972,168.00 for the year ended December 31, 2017; to elect Board of Directors retiring by rotation in accordance with the Companies Act 1963, Act 179 and Regulation 88.
The Board would also propose to the shareholders to authorise the Directors to fix the remuneration of the Auditors in accordance with Section 134 (6a) and Section 134 (11a) of the Companies Act 1963, Act 179.
The Board would also request from members their approval to fix the remuneration of the Auditors, and the Directors.