GOILs Gross Margin Hits GH¢88m

The gross margin of the Ghana Oil Company Limited (GOIL) increased from GH¢56.123 million in 2013 to GH¢88.116 million in 2014, representing 57 percent increase.

Operating profit went up by 48.6 percent while growth in earnings per share significantly rose from 0.055 to 0.080, representing 45 percent increase

The company’s assets went up from GH¢221.9 million to GH¢340.832 million, representing 54 percent increase.

This was disclosed by Professor William A. Asomaning, Board Chairman of GOIL, who addressed shareholders of the company at the company’s 46th Annual General Meeting (AGM) held at the auditorium of the College of Physicians and Surgeons.

He commended stakeholders for constantly engaging the company and providing vital feedback.

The Managing Director of GOIL, Patrick Akorli, in his remarks, said there is clarity in the company’s growth path, stating ‘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 local airlines operate between Kumasi and other parts of Ghana is to help GOIL consolidate its position in the local aviation market,’ he said.

Touching on GOIL’s Corporate Social Responsibility programmes, Mr Akorli said GOIL positively impacted the lives of over 20,000 by providing portable water to more than 13 communities in 2014.

‘It is always a pleasure to see the joy on the faces of community members during handover ceremonies.

‘Within the year, eight 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,’ he said.

By Cephas Larbi
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