“Goil Reports Strong Financial Performance Amidst Challenging Business Environment”
"Goil Reports Strong Financial Performance Amidst Challenging Business Environment"
“Goil Reports Strong Financial Performance Amidst Challenging Business Environment”
The Ghanaian economy faced significant challenges in the past year, including heightened geopolitical tensions, supply chain disruptions, and trade protectionism. Despite these external headwinds, GOIL, a leading energy company, has reported a strong financial performance.
Nana Philip Archer, Board Chairman of Goil at the 56th Annual general meeting in Accra said, Goil’s consolidated profit rose to GH₵ 871 million, a 54.82% increase over the previous year. This growth was achieved through prudent financial management, strategic marketing, and operational efficiency.
Although operating costs increased by 0.2% and finance costs rose by 20.25%, these were offset by strong revenue generation and discipline.
The company’s total assets expanded by 1% to GH₵ 4.8 billion, with earnings per share (EPS) increasing significantly by 54.3% from GH₵ 0.14 to GH₵ 0.2.
In addition to its financial performance, Goil prioritized health, safety, security, environment, and quality. The company intensified risk assessments, safety audits, and wellness initiatives, leading to a notable reduction in lost time injuries and near misses. Goil also achieved full compliance with EPA standards and strengthened waste management practices.
Goil’s commitment to corporate social responsibility is evident in its various initiatives. The company constructed seven mechanized boreholes, benefiting over 100,000 residents, and continued its sponsorship of the National Science Center. Goil also partnered with organizations for reconstructive surgeries and blood donation drives, delivering critical supplies and financial aid to underprivileged institutions.
Looking ahead, Goil proposes to maintain a limited dividend per share of GH₵ 0.056, balancing short-term shareholder returns with long-term financial stability. The company has also accelerated the transformation of its service stations into retail hubs, demonstrating its resilience and dedication to creating value for stakeholders.
Goil’s strong financial performance and commitment to sustainability and social responsibility position the company for continued success in a challenging business environment.
The Group CEO/MD, Mr. Edward Abambire Bawa, has introduced specific deliverables for staff members to achieve by the end of the year. These deliverables are aimed at increasing shareholder value and confidence in the company.
The CEO emphasized that each staff member will be assessed based on their performance, and the company has documented clear policy guidelines to measure success. This move is part of the company’s efforts to improve accountability and performance.
By setting clear targets and expectations, the company hopes to drive growth and achieve its goals. The introduction of these deliverables is a step towards enhancing the company’s overall performance and increasing value for shareholders.
Story by Fada Amakye from Daily Sun online
