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Oil and Gas in Ghana GOIL records massive profits from deregulation policy

The Board Chairman, Prof. William Asomaning who revealed the figures in the company’s Annual General Meeting said, the company is committed to improving its pricing, quality, and general service delivery.

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Ghana Oil Company Limited- Goil play

Ghana Oil Company Limited- Goil

Goil’s profits for the 2015 financial year has seen an increase of 10.4% translating in an increase from 20.1 million cedis in 2014 and to 22.2 million in 2015.

The Board Chairman, Prof. William Asomaning who revealed the figures in the company’s Annual General Meeting said, the company is committed to improving its pricing, quality, and general service delivery.

“LPG and Lubricant sales went up by 6% and 12% respectively compared with the same period last year. Notwithstanding unreliable product supply within the year, Goil managed to increase LPG sales through competitive pricing and increased investments in new filling plants,” Professor Asomaning stated.

READ MORE:Goil slashes diesel price ahead of Easter

Current economic challenges notwithstanding, Goil has leveraged on the petroleum deregulation policy which gives Oil Marketing Companies the freedom to competitively differentiate their prices, to do well.

Goil has been one of the Oil Marketing Companies with the cheapest prices on the market since the deregulation policy started in June 2015.

“Consequently, the profit after tax of Goil, grew by 10.4 % up from GH¢20.1 million in 2014 to GH¢22.2 million in 2015. The Board is therefore pleased to recommend a dividend of GH¢0.025 per ordinary share for the 2015 financial year. This compares with GH¢0.020 in 2014”, Prof. Asomaning said.

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