Ghana Oil Company PLC (GOIL), the country’s leading indigenous oil marketing firm, has recorded an impressive GH₵84.7 million profit for the 2024 financial year, marking a very remarkable feat for the state-owned oil company.
This profit declared for 2024 represents a whopping 54.82% growth over the previous year’s performance.
The announcement at the company’s 56th Annual General Meeting (AGM) held in Accra, where Board Chairman, Nana Philip Archer, attributed the robust performance to prudent financial management, strategic marketing, and operational efficiency.
GOIL, which remains one of Ghana’s few state-owned enterprises consistently delivering value to shareholders, also witnessed a 20.1% growth in consolidated assets to GHS4.8 billion.
Although there were notable surges in operating costs, increasing by 11.2%, and finance costs increasing by 20.25%, GOIL says strong revenue generation and disciplined asset management helped offset the pressures, ultimately boosting profitability.
Current assets surged by 34%, primarily due to increased trade receivables, indicating strengthened market engagement and improved collections.
Moreover, investors in GOIL will be smiling as earnings per share jumped by 54.3%, from GHS0.140 to GHS0.216. This is a clear signal of value creation for investors. In line with this performance, the Board proposed a dividend per share of GHS0.056, amounting to GHS21.9 million. This proposal was warmly endorsed by shareholders.
The board chairman emphasized that the dividend declaration strikes a balance between rewarding shareholders and safeguarding GOIL’s long-term financial stability.
At a time when several state-owned enterprises grapple with inefficiencies and financial distress, GOIL’s strong financials stand as a rare but encouraging example of what public institutions can achieve with sound leadership and strategic focus.
The company reaffirmed its commitment to growing its market share, sustaining profitability, and delivering long-term value to the Ghanaian economy.
The story of GOIL’s 2024 performance not only reflects internal resilience but also signals hope for the future of state-led enterprise in Ghana if proper measures are implemented.
