The net profit of Ghana Oil Company (GOIL) rose from GH¢7.88 million in 2011, to GH¢9.40 million in 2012, representing a growth of 19 per cent.
The Board Chairman of GOIL, Prof. William A. Asomaning, announced this at the company’s annual general meeting in Accra.
He added that GOIL’s gross sales rose from GH¢671.67 million in the 2011 financial year to GHC859.91 million.
That, he said, was above its average growth rate of five per cent recorded over the last few years.
In line with the company’s policy of paying not less than 30 per cent of profit after tax as dividends, a dividend pay-out of GH¢0.015 per share to shareholders which is equivalent to about 33 per cent of profit after tax was proposed for shareholders.
Prof. Asomaning said those significant achievements were recorded following the successful implementation of GOIL’s planned strategies after launching a rebranding exercise in mid 2012.
It included the opening of a state-of-the-arts service stations and the renovation of old service stations across the country.
The board chairman emphasised that despite stiff competition in the downstream oil industry, GOIL was able to stand firm because of internal reforms and key partnerships lined up to position the company to deliver.
He mentioned the provision of aviation fuel for airlines in the country and bunkering services for ships as some of the new strategies adopted by GOIL to stay in business and make profit.
The shareholders approved the re-election of three retiring directors; Mr Chris A. Ackummey, Mr Eugene Akoto – Bamfo and Mr Kojo Bonsu.
For his part, the Managing Director of GOIL, Mr Patrick Akorli, said there is a transfer of GH¢20 million from the Income Surplus Account to the Stated Capital Account.
He assured the shareholders that GOIL’s plan to be the oil marketing company of choice in the country was on course and the future definitely looked brighter for GOIL.