Home / Investment / GOIL’s profit hits GH¢ 81.9m

GOIL’s profit hits GH¢ 81.9m

GOIL Company Limited the nation’s foremost indigenous Oil Marketing Company consolidated profit after tax hit unprecedented GH¢ 81.9 million up by 26 per cent for the year ending December 31 2018.

The company’s profit after tax hits 20 per cent per year on average in the year under review, 2018. The assets of GOIL, as a group grew by 30 per cent, from GH¢ 1,036 billion to GH¢1,346 billion.

Mr Kwamena Bartels, GOIL Board Chairman, therefore admonished shareholders and potential investors to acquire more shares in GOIL as the projections on return on investments are positive.

“As Chairman of this Company I am proud to say that GOIL is truly Ghanaian as the saying goes. It is really exciting that we continue to run such a prosperous company that competes well with multinationals in the country.

“It is important to reemphasize that adding on to shareholder-value has always been the overriding factor in all strategic decisions of the Board,” Mr Bartels stated at GOIL’s 50th Annual General Meeting of the Shareholders in Accra on Thursday.

The top largest shareholders are; the Government of Ghana with 134,123,596 shares representing 34.23 per cent; Social Security and National Insurance Trust, 97,965,798 representing 25 per cent; and the Bulk Oil Storage and Transport, 78,372,626 representing 20 per cent.

Other shareholders including TXT Group B. V. 18,928,300, representing 4.83 per cent; SCBN/ELAC Policy Holders Fund 3,341,597 representing 0.85 per cent; Hopefield Capital Limited 2,732,578, representing 0.70 per cent; SCGN/EPACK Investment Fund Limited 2,299,500 representing 0.59 per cent.

Mr. Victor Kodjo V. K. Djangmah 785,375 representing 0.20 per cent; SCBN/Databank Balance Fund Limited 705,086, representing 0.18 per cent; GES Occupational Pension Scheme 666,772, representing 0.17 per cent; and STD Nom/Metlife Classic Fund 590, 732,representing 0.15 per cent.

HFCN/EDC Ghana Balanced Fund Limited 559,460, representing 0.14 per cent; Mr Patrick Akpe Kwame Akorli 522,218, representing 0.13 per cent; SCGN/Enterprise Pier 2 Occupational 516,571, representing 0.13 per cent; and STD Noms TVL PTY/Enterprise Tier 3, 516,251, representing 0.13 per cent.
GN/GH Medical Association Pension Fund 475,362, representing 0.12 per cent; SIC General Business 472,215, representing 0.12 per cent; Mr. E. Ofori-Sarkwa 419,257, representing 0.11 per cent; SCGN/HSBC BK PLC RE Mckinley CPTL 365,900 representing 0.09 per cent; and MIHL/GOLD Fund Unit Trust 342,600 representing 0.09 per cent.

GOIL total 20 largest shareholders shares hit 344,701,794 representing 87.96 per cent; totals of others shares are 47,161,334 representing 12.04 per cent; grand totals 391,863,128 representing 100.00.

Mr Bartels said “GOIL will continue to pursue strategies to increase shareholders-value through the acquisition of more service stations as well as organic growth and sales promotions to increase volume of sales”.

Mr Patrick Apke Kwame Akorli, Group Chief Executive Officer of GOIL, giving an overview of the past year, explained that GOIL took advantage of operating efficiently using technology, innovation and change in behaviour to win the custom of several organizations as a result of improvement in the operations of both electronic card and coupon payment system.

“Moreover, GOIL was very persistent in seeking to change the attitudes of station attendants through continuous training in customer service, health and safety,” he said.

He said the strategy adapted to form GOIL subsidiary GOENERGY, a Bulk Distribution Company has consistently yielded better financial results for the Company.

“As expected, GOENERGY continues to be the market leader in sales to the oil marketing companies, and has been the pillar behind GOIL’s ability to have competitive pricing and access to products.

“I am also happy to observe that GOIL has been the stabilizing factor against arbitrary changes in the price of fuel in the country, which could have resulted from unstable world market price of fuel and foreign exchange fluctuations during the year 2018,” Mr Akorli stated.

Source: GNA

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