Nana Philip Archer, Board Chairman of the GOIL PLC, has disclosed that the petroleum giant has recorded a robust performance in the 2024 financial year, with a year-on-year profit of GHS84.7 million, a 54.82 percent growth over that of the previous year.
Nana Philip Archer disclosed that while operating costs increased by 11.2 percent and finance costs by 20.25 percent, these were offset by strong revenue generation and disciplined asset management.
He said the total consolidated assets expanded by 20.1 percent to 4.8 billion cedis, with current assets showing a robust 34 percent growth, primarily driven by increased trade receivables.
The GOIL PLC Board Chairman also explained that earnings per share rose significantly by 54.3 percent from 0.140 to 0.216. From the five-year performance, profit before tax recorded 136.839 billion in 2024 from 87.272 billion in 2023.
Nana Philip Archer stated at the GOIL PLC’s 56th Annual General Meeting (AGM) of Shareholders in Accra.
He said the growth was achieved through prudent financial management, strategic marketing, and operational efficiency despite a challenging year.
The Board proposed a dividend per share of GH₵0.056 amounting to GH₵21,944,335 for 2024 which was accepted.
Nana Archer explained that the decision was aimed at balancing short-term shareholder returns with long-term financial stability.
On the future outlook for 2025, Nana Philip Archer said, with a peaceful political transition and stabilised macroeconomic outlook, 2025 will offer a window of opportunity.
Key initiatives for the year included the expansion of the LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tonnes, aimed at advancing the Cylinder Recirculation model.
The company also aims to deepen market penetration in the aviation, mining and autogas segments, the Board Chairman noted and stressed that the company’s strategic focus in 2025 will be embedding innovation, technology, and robust risk governance into the corporate DNA.
Mr Edward Abambire Bawa, GOIL Group Chief Executive Officer and Managing Director, noted that management ensures that in the spirit of green transition, GOIL adapts to the new innovations, is more competitive and takes over its rightful place as the OMC in terms of market share.
Mr Bawa noted that management is implementing a target-based performance review system to enhance business operations as part of efforts to achieve key business objectives.
