Ghana Oil Company PLC (GOIL) has reported a 54.82% increase in net profit to GH₵84.7 million for the 2024 financial year, demonstrating strong performance amid economic challenges.
The state-owned oil marketing firm announced these results during its 56th Annual General Meeting in Accra, where Board Chairman Nana Philip Archer credited the achievement to strategic management and operational efficiency.
The company’s financial statements revealed significant growth across key metrics, with consolidated assets expanding by 20.1% to GH₵4.8 billion and current assets increasing by 34%. Despite rising operating costs (11.2%) and finance costs (20.25%), GOIL maintained profitability through disciplined revenue generation and asset management. Shareholders will receive a dividend of GH₵0.056 per share, totaling GH₵21.9 million, while earnings per share grew by 54.3% to GH₵0.216.
GOIL’s performance stands in contrast to many struggling state-owned enterprises, offering a model of effective public sector management. The company has committed to expanding its market share while contributing to Ghana’s economic growth, demonstrating how strategic leadership can drive success in state-led enterprises.
