Despite a turbulent global and domestic economic landscape marked by geopolitical unrest, inflationary pressures, and currency volatility, GOIL PLC has delivered an exceptional financial performance for 2024, announcing a consolidated profit of GH₵84.7 million—a staggering 54.82% increase over the previous year.
The announcement was made by the Board Chairman, Nana Philip Archer, during the 56th Annual General Meeting (AGM)** of GOIL PLC, where he outlined the company’s resilience in the face of adversity and its strategic roadmap for sustained growth.
Navigating a Challenging Macroeconomic Climate
The year 2024 was fraught with uncertainties, from geopolitical tensions triggered by elections in over 40 countries to supply chain disruptions and trade protectionism. Domestically, Ghana continued its fiscal consolidation under the IMF’s Extended Credit Facility, recording a stronger-than-expected GDP growth of 5.7%, driven by the services, agriculture, and industrial sectors.
However, inflation closed at 20.4%, interest rates remained high at 29%, and the Ghana cedi depreciated by 19% against the US dollar. Despite these hurdles, GOIL PLC demonstrated remarkable adaptability, leveraging prudent financial strategies to maintain profitability.
Record-Breaking Financial Performance
GOIL’s consolidated profit surged to GH₵84.7 million, up from the previous year’s figure, reflecting a 54.82% growth. Key highlights of the financial report include:
– Total consolidated assets expanded by 20.1% to GH₵4.8 billion, with current assets growing by 34%.
– Earnings per share (EPS) rose by 54.3%, jumping from GH₵0.140 to GH₵0.216.
– Despite an 11.2% increase in operating costs and a 20.25% rise in finance costs, the company’s strong revenue generation and disciplined asset management ensured profitability.
In line with its sustainable value creation agenda, the Board proposed maintaining a dividend per share of GH₵0.056, balancing short-term shareholder returns with long-term financial stability.
2025 Outlook: Expansion, Automation, and Market Growth
With a stabilized macroeconomic outlook and a peaceful political transition, GOIL PLC is poised for further growth in 2025. Key initiatives include:
– Expansion of LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tons, to support Ghana’s Cylinder Recirculation Model.
– Deepening market penetration in aviation, mining, and auto gas segments.
– Continued automation of business processes to enhance efficiency and competitiveness.
Strategic Focus: Innovation, Risk Governance, and Ethical Leadership
Nana Philip Archer emphasized the Board’s commitment to excellence in corporate governance, integrated risk management, and real-time compliance monitoring.
“We will prioritize technology adoption and ethical leadership to safeguard GOIL’s future and deliver lasting value to our stakeholders,” he declared.
At the sidelines of the AGM held today at the Movenpick Ambassador Hotel, Managing Director Edward Abambire Bawa outlined ambitious plans to solidify the company’s position as Ghana’s leading Oil Marketing Company (OMC) while adapting to the global green energy transition.
Strategic Goals: Market Share, Competitiveness, and Innovation
In an exclusive interview, Mr. Bawa emphasized three key priorities for GOIL:
1. Market Leadership: Regaining and expanding GOIL’s market share.
2. Competitive Pricing: Enhancing efficiency to remain price-competitive.
3. Green Transition: Adopting innovative solutions to align with sustainability trends.
“Our job is clear—dominate the market, optimize costs, and embrace green energy innovations. Success in these areas will drive profitability, share value growth, and higher dividends for shareholders,” Bawa stated.
Key Strategies in Motion
To achieve these goals, GOIL is implementing several measures:
– Cost-Effective Sourcing: Securing cheaper product sources to reduce ex-refinery and ex-pump prices.
– Patient Capital: Reducing reliance on short-term, high-cost financing by pursuing long-term capital investments.
– Operational Efficiency: Slashing costs of sales, which have already contributed to improved profit margins in Q1 2025.
“Our financials show progress. Cost of sales as a percentage of revenue has decreased, signaling better efficiency and stronger profit potential,” Bawa noted.
Financial Performance & Shareholder Value
When questioned on GOIL’s financial health, Bawa highlighted:
– Improved Profits: The company outperformed its 2023 results, a year he described as “very difficult.”
– Share Price Growth: GOIL’s stock value surged from GH¢1.60 (Dec. 2024) to GH¢1.90 (June 2025), surpassing the projected 30% increase.
– Dividend Ambition: Bawa confirmed that declaring higher dividends remains a key performance indicator for the board.
“We aimed for a 30% share price rise but have already exceeded expectations. This momentum will continue,” he affirmed.
Looking Ahead
With a clear roadmap and early successes, GOIL PLC is poised for a transformative year. Shareholders eagerly await further gains as the company pushes toward greener energy solutions and market dominance.
“By next year’s AGM, we expect even greater strides,”Bawa concluded.
Tribute to Departed Colleagues
The Board paid heartfelt tribute to Mr. Kofi Ansah Otoo, former Chief Internal Auditor, and Mr. Robert Allotey of the Shareholders Association, honoring their contributions to the company’s legacy.
Conclusion: A Testament to Resilience
GOIL PLC’s record-breaking performance in 2024 underscores its ability to thrive amid adversity. With bold expansion plans, technological advancements, and a steadfast commitment to governance, the company is well-positioned to sustain its growth trajectory in 2025 and beyond.
Shareholders and industry analysts have lauded the results, signaling strong confidence in GOIL’s future as a leader in Ghana’s energy sector.
By Kingsley Asiedu