GOIL holds 46th AGM

Board Chairman of Ghana Oil Company Limited (GOIL) says achieving ISO 9001:2008 certification and the construction of a fuel storage tank farm at Sekondi Naval Base to boost the bunkering business have been major landmarks in the history of the oil marketing company.

Prof. William A. Asomaning said these when he addressed shareholders of the company at its 46th Annual General Meeting held at the Auditorium of the College of Physicians and Surgeons, Accra on Thursday, April 30, 2015.

He added that despite the significant challenges in the economy, GOIL managed to execute its strategies very well precipitating in 6% increase in the volume of sales from 514.265million litres in 2013 to 539.633 in 2014.

“The company’s gross margin rose from GHs 56.123 million in 2013 to GHs 88.116 million in 2014 representing a 57% increase. Operating profit consequently went up by 48%. Growth in earnings per share was significant from 0.055 to 0.080, up by 45%, and the company’s assets went up from GHs221.9 million to GHs340.832 million representing an increase by 54% all in one year”, Prof. Asomaning explained.

MD of GOIL, Mr. Patrick Akorli (standing)
Managing Director of GOIL, Mr. Patrick Akorli, said, there is clarity in the company’s growth path; we want to become the dominant company in the downstream oil industry. Our expansion strategies have been put in motion. The provision of aviation fueling facility at Kumasi airport to enable the local airlines operate between Kumasi and other parts of Ghana is to help GOIL consolidate its position in the local aviation market.

Touching on GOIL Corporate Social Responsibility programmes, Mr. Patrick Akorli said, “By the end of the year 2014, GOIL had touched over 20,000 lives by providing portable water to more than 13 communities. It is always a pleasure to see the joy on the faces of community members during handover ceremonies.

Within the year, 8 mechanized borehole projects were executed in Brong Ahafo, Eastern, Central and Western Regions. GOIL also made donations to institutions of Health, Education and Sports as well as cultural and social activities.

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