John Abdulai Jinapor (M) flanked by Nayon Bilijo (R) and Edmond Kombat
The Tema Oil Refinery has recorded a profit after tax of GH¢1.09 billion for the 2025 financial year, its first annual profit in more than a decade.
Board Chairman, Nayon Bilijo, disclosed this to shareholders at the company’s 18th Annual General Meeting in Accra. He described the result as a major milestone after years of operational difficulties and legacy debt.
Mr. Bilijo noted that although TOR operated at reduced levels for much of the year due to forex exposure and legacy debt, 2025 marked a decisive turnaround. Revenue, which fell from a peak of GH¢325 million in 2018 to GH¢129.6 million in 2021, recovered to GH¢285.9 million in 2025 as operations resumed.
The recovery was driven largely by foreign exchange gains. The cedi’s strength in 2025 delivered a forex gain of about GH¢1.38 billion, compared to a loss of GH¢981.5 million in 2024. This pushed operating profit to approximately GH¢1.25 billion, profit before tax to GH¢1.42 billion, and profit after tax to GH¢1.09 billion.
Despite the profit, accumulated losses remain a challenge. The deficit narrowed from about GH¢8.96 billion in 2024 to GH¢7.87 billion in 2025, while borrowings also dropped. Because there are no retained earnings yet, the Board did not declare a dividend for 2025 but expressed optimism about future payouts.
Managing Director, Edmond Kombat, said prudent forex management was key to the turnaround. He added that finance income rose to GH¢149.4 million, income from associate investments grew 2.8% to GH¢155.1 million, and finance costs fell 26.8% to GH¢142.8 million.
Long-term borrowings also reduced by 27%, from GH¢957.2 million to GH¢695.5 million.
“Lenders have reduced their exposure by 27%, which we regard as a vote of confidence in the direction of the company,” Mr. Kombat said.
The AGM was attended by the Minister of Energy and Green Transition, John Abdulai Jinapor, Board members, government officials, and other dignitaries.