GOIL's turnover up by 26%, records over GHC35m in net profit

Ghana Oil Company limited (GOIL) recorded a turnover of GHC2,645.441 million, representing 26. 95 per cent in 2016, with a net profit of GHC35. 256 million in the same year. The company also increased its market share from 13.6 per cent in 2009 to 18.2 per cent in 2016 to become the market leader. Between the same period, GOIL achieved 95.8 per cent of its fuel sales targets despite stiff competition from other companies. It again grew the sale of Liquefied Petroleum Gas by 30 per cent in 2015 while lubricant sales also grew by 11 per cent. Meanwhile, it has earmarked 20 million dollars to construct a bitumen plant at Tema. The out-going board chairman, Professor William Asomaning who announced this Thursday at the company’s annual general meeting in Accra, reiterated the company’s resolve to improve its performance to be on top in the industry. “The year 2017 will see the construction of a bitumen plant in Tema. The company considers this project vital since access to bitumen by road contractors will be easier when the plant become operational,” he said. He said the company has asset-base has grown by over 500 per cent since his board took over in 2019, adding “GOIL has started an exercise to revalue its landed properties and plant and machinery to establish the true value of these assets. Managing Director of GOIL, Patrick Kwame Akorli, was said the bitumen plant would improve operations of road contractors in the country. “All the road works that are done now, we have to import the bitumen. Just assume that we have the plant here, it will lower the cost of bitumen and road works become a lot more easier and less expensive,” he said. [caption id="attachment_51989" align="aligncenter" width="544"] Mr Kwamena Bartels[/caption] New board chairman, Kwamena Bartels promised to sustain the expansion drive, saying “expansion of the retail outlets. We are looking at other activities that will increase our market share from the 18.3 per cent to 35 per cent or even more. GOIL has been selling its fuel at competitive prices and also distributes marine fuel. In 2015, it put up an aviation turbine kerosene tank at the Kumasi airport to supply fuel to domestic airlines. By Daniel Opoku|TV3|3news.com|Ghana]]>