GOIL records growth higher than industry levels – Chairman
Mr Peter Kwamena Bartels, the Board Chairman of GOIL Company Limited, has said for the first time in several years, growth in fuel sales volume was higher than that of the Industry.
“Whilst the Industry grew by 6.44 per cent, GOIL grew by 9.66 per cent. Surprisingly, the main drivers behind the growth were not the sale of traditional products, Diesel XP and Super XP, which form about 90 per cent of the volume of sales, but rather the sale of mining diesel, bunkering and aviation fuel.
“The company’s persistent efforts in gaining the custom of major mining companies finally paid off during the year 2019. GOIL managed to grab about 6 per cent market share in mining diesel,” Mr Bartels stated at GOIL’s 51st Annual General Meeting of the Shareholders in Accra.
The AGM as per COVID-19 new normal directives was organized through the virtual platform.
Mr Bartels noted that Aviation fuel and Bunkering grew by 70 per cent and 44 per cent respectively.
“Tt’s an achievement unprecedented in the history of GOIL.
“Consequently, the Company’s market share in the sale of aviation fuel and bunkering rose from 7.7 per cent to 11.3 per cent and from 38 per cent to about 61 per cent respectively.”
Giving accounts of GOIL’s operations in 2019, the Board Chairman noted that, the overarching strategy to introduce technological innovations to improve operational efficiency was vigorously pursued.
He said to prevent stock outs and monitor sales collections at the stations the company expanded its coverage of Automatic Tank-gauging System.
The idea of instant price change was a cost reduction measure compared to the traditional manual adjustment of the price which incurs more labour cost.
He said GOIL undertook major infrastructural developments to boost sales in the premix business, stressing that in collaboration with the National Petroleum Authority, six model premix outlets with modern facilities were constructed during the year 2019.
He said to increase the volume of sales more service stations were streamed in either by the Company or in partnership with private service station owners.
Mr Kwame Osei-Prempeh, GOIL Managing Director told the Ghana News Agency in an interview that the company has over the years made significant strides in transforming itself from a near-moribund state enterprise to become the number one Oil Marketing giant in the country.
He said the first significant step was the restructuring of the company from a state-owned one into a public-listed entity; “through the visionary leadership of the Board, management and the commitment of workers, GOIL was listed on the Ghana Stock Exchange in 2007.
“Over the past five years GOIL has recorded key milestones which have resulted in several accomplishments. Key among them is the rebranding of the company in 2012 which involved the changing of the company’s corporate logo, the adoption of a new slogan ‘Good energy’ and the complete face- lifting and revamping of existing stations as well as the expansion of the number of service stations”.
Mr Osei-Prempeh, who is also the GOIL Group Chief Executive Officer, noted that another milestone was the achievement of ISO certification which was ratified in 2012.
“This has given an endorsement to the company to continue ensuring the quality of GOIL products and above all enforcing high standards in operations, health and safety.
“The establishment of Go Energy as a Bulk Distribution Company wing was a huge step for GOIL. GO Energy commenced full operations in 2015. With the setting up of GO energy, fuel products are now readily available on the market and needless fuel shortages have been avoided,” he said.