Goil holds AGM

Goil has held  its 45th annual general meeting (AGM) at the auditorium of the College of Physicians and Surgeons in Accra.The Board Chairman of the Ghana  Prof. William A. Asomaning, told the sharholders that despite the challenging economic conditions, the underlying strengths of GOIL’s brand and leading market position remained unchanged.

“The company managed to increase its sales volume by eight  per cent on that of 2012. The products that contributed to this achievement were gasoline and diesel. Aviation jet fuel performed extraordinary well, recording a six per cent growth rate, though national consumption fell by seven per cent”, the board chairman added.

Prof. Asomaning, who backed his statements with figures, explained that the company’s turnover rose from GH¢791.327 million in 2012 to GH¢1,005.627 million in 2013, representing a 27 per cent appreciation. Pre-tax profit went up by 31 per cent, moving from GH¢14.190 million in 2012 to GH¢18.588 million in 2013. Profit-after-tax for the period also grew by 46  per cent from GH¢402 million in 2012 to GH¢13.763 million in 2013. Earnings per share went up 22 per cent. Shareholder’s dividend increased from GH¢0.015 in 2012 to GH¢0.016 in 2013. In 2013, there was a GH¢20 million bonus shared among shareholders. This increased the number of outstanding shares from 210,186,240 to 252,223,488.

For his part, the Managing Director of GOIL, Mr Patrick Akorli, said the company continued to focus on bunkering with the vision to benefit from opportunities offered by the players in the offshore oil exploration. He assured shareholders that the rights issue being offered this year would enable the company to raise enough capital to expand the operations of its bulk distribution sector of the business. He said the company would continue with the process of rebranding fuel service stations and also deliver quality service to Ghanaians.