GOIL PLC Records GHS84.7m Profit for 2024
Accra, Ghana - 24 June, 2025 - Ghana Oil Company (GOIL) PLC has announced a robust financial performance for the 2024 financial year, with a significant 54.82% growth in profit to GHS84.7 million compared to the previous year.
This impressive growth was achieved through prudent financial management, strategic marketing, and operational efficiency, despite a challenging year.
Speaking at the company's 56th Annual General Meeting (AGM) in Accra, Nana Philip Archer, Board Chairman of GOIL, attributed the growth to strong revenue generation and disciplined asset management. Although operating costs increased by 11.2% and finance costs by 20.25%, these were offset by the company's effective management strategies.
The company's total consolidated assets expanded by 20.1% to GHS4.8 billion, with current assets showing a robust 34% growth, primarily driven by increased trade receivables. Earnings per share also rose significantly by 54.3% from GHS0.140 to GHS0.216.
Over the five-year period, GOIL's profit before tax recorded a substantial GHS136.839 million in 2024, up from GHS87.272 million in 2023. The Board proposed a dividend per share of GH₵0.056, amounting to GH₵21,944,335 for 2024, which was accepted by shareholders.
Looking ahead to 2025, Nana Archer expressed optimism about the company's prospects, citing a peaceful political transition and stabilized macroeconomic outlook. GOIL plans to expand its LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tons, aimed at advancing the Cylinder Recirculation model.
The company also aims to deepen market penetration in the aviation, mining, and auto gas segments.
The Group CEO/MD of GOIL Plc, Mr. Edward Abambire Bawa, emphasized the company's commitment to innovation, technology, and robust risk governance.
He noted that management is implementing a target-based performance review system to enhance business operations and achieve key business objectives. GOIL is also adapting to new innovations in the spirit of green transition, with a focus on competitiveness and market share growth.
Source: Lead News Online
