Ghana Oil Company Public Limited Company (GOIL PLC), Ghana’s leading indigenous petroleum marketer, recorded a group net profit after tax of GH¢52.2 million for the first quarter ended March 31, 2026, representing a 55.4 percent jump from the GH¢33.6 million posted in the same period of 2025.
The figures are contained in unaudited financial statements filed by the company on April 22, 2026, and signed by Managing Director and Chief Executive Officer Edward Abanbire and Board Chairman Nana Philip Archer.
Group revenue for the quarter came in at GH¢4.14 billion, down from GH¢4.98 billion recorded in the first quarter of 2025. Despite the revenue contraction, the company expanded its gross profit to GH¢220.8 million from GH¢202.9 million over the same comparative period, reflecting tighter cost management. Cost of sales for the quarter stood at GH¢3.92 billion, compared with GH¢4.77 billion a year earlier.
Operating profit before financial charges reached GH¢90.5 million, up from GH¢85.6 million in the first quarter of 2025. Financial charges fell sharply to GH¢18.1 million from GH¢37.7 million, a reduction that contributed significantly to the improved pre-tax profit of GH¢72.4 million against GH¢47.9 million in Q1 2025. After taxation of GH¢20.2 million, the group retained a net profit of GH¢52.2 million.
Earnings per share on the group basis rose to GH¢0.133 from GH¢0.082 in the comparable quarter last year, based on 391,863,128 shares in issue. Total group assets stood at GH¢5.50 billion as at March 31, 2026, compared with GH¢5.05 billion at the close of the first quarter of 2025. Total shareholders equity climbed to GH¢1.04 billion from GH¢927.7 million over the same period.
On the cash flow side, the group generated net cash inflows from operating activities of GH¢556.2 million, up from GH¢476 million in the first quarter of 2025. Cash and cash equivalents at the end of March 2026 stood at GH¢576.3 million, sharply higher than GH¢3.5 million at the same point last year.
GOIL PLC’s investment in African Bitumen Terminal Limited (ABTL), a joint venture established with Societe Multinationale De Bitumes (SMB) of Cote d’Ivoire in November 2023, is recorded at GH¢21.3 million in the current period’s subsidiary investments, compared to zero in the prior year. Total subsidiary investment across all entities reached GH¢50.3 million. The financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and follow the historical cost convention, except for financial instruments measured at fair value.
GOIL PLC is listed on the Ghana Stock Exchange (GSE) and is registered under Ghana’s Companies Act, 992 of 2019.
