GOIL profit after tax drops to GH¢90m in 2020

GOIL Company Limited’s profit after tax in 2020 dropped to GH¢90.03 million down by 14.5 per cent compared to the previous year.

Consequently, earnings per share also fell by 14.5 per cent in 2019 GOIL’s Profit after tax stood at GH¢105.5million.

A final dividend of GH¢0.045 per share amounting to GH¢17,633,841.00 has been proposed for the year ended 31 December 2020. (2019: GH¢0.045 per share, amounting to GH¢17,633,841.00).

Despite the fall, the Board has decided to pay a dividend of GH¢0.045 per share, Mr Kwamena Bartels stated at the 52nd Annual General Meeting of GOIL to receive and consider the reports of Directors, Auditors, and Financial Statements for the year ended December 31, 2020.

The Virtual AGM was in compliance with the current restrictions on public gatherings in force under the imposition of Restrictions Act, 2020 (Act 1012) and consequent Regulatory Directives, attendance, and participation by all members and/or their proxies in this year’s GOIL AGM shall be strictly virtual-online participation.

He said in 2020, GOIL prepared and successfully received the ISO 9001:2015 re-certification and ISO 14001:2015 second surveillance audit.

Mr Bartels noted that the renewed certification has reinvigorated the company’s commitment to ensure that customers get the very best quality products and services.

He said as part of the measures to upscale the quality of GOIL products at all stations, the GOIL Test Van was extensively deployed to ensure that all reports of suspected quality issues were fully investigated, and proper feedback was given to the customers.

“We also facilitated training and availability of the necessary equipment needed to ensure that the products received are of the right specifications. We have worked in close collaboration with certified external laboratories, in ensuring that supplies to critical industries like aviation and the mines are of
the expected quality,” he said.

Mr Bartels said GOIL is in the process of procuring more test equipment to further minimize the probability of handling products of poor quality within our supply chain.

Mr Kwame Osei-Prempeh, GOIL Group Chief Executive Officer explained that the company was committed to protect and safeguard the communities in which it operates through the adoption of safe and environmentally friendly procedures and processes that will positively impact the lives of the people and community at large.

To this end, GOIL’s approach to community investment has been to acknowledge the needs of the communities, through the provision of water
and sanitation, donations to needy institutions and deprived organizations, and the provision of health facilities.

“We also contribute to the development of sports and education in the country. We aim to unearth talents and develop the youth to be valuable citizens of their communities” he said.

Source: GNA

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