Kwame Osei-Prempeh, Group CEO, GOIL
GOIL COMPANY Limited (GOIL) recorded an impressive performance in 2019 with profits increasing by 29 per cent and sales growing by 9.66 per cent.
Board Chairman, Kwamena Bartels, who disclosed this to shareholders at the company’s 51st Annual General Meeting held virtually from Accra, said GOIL’s sales volume grew higher than that of the industry for the first time in many years.
While the sales volume of industry grew by 6.44%, GOIL sales went up by 9.66%.
Profit after tax stood at GH¢105.5 million, up by 29% compared to the year 2018.
The board of directors therefore recommended the payment of dividend of GH¢0.045 per share, as against GH¢0.042 in 2018, amounting to GH¢17,633,841 for the year ended, December 31, 2019.
He told shareholders that the main drivers behind the growth were not the sale of the traditional products, Diesel XP and Super XP, which traditionally formed about 90% of the volume of sales, but rather the sale of mining diesel, bunkering and aviation fuel.
Earnings per share moved from GH¢0.209 to GH¢0.269, while total assets increased from 1.345 billion cedis to approximately 1.716 billion cedis.
Explaining the reason for the dividend declaration, he said the company had embarked on projects that had the potential to yield higher gains in future and therefore decided to retain a considerable amount of the earnings per share to help finance the projects.
Group CEO/Managing Director of the Company, Kwame Osei-Prempeh, assured shareholders that the future prospects of the company remained bright, with the hope that as the world gradually got rid of Covid-19, the sale of non-traditional products would continue to increase overall sales as experienced during the year 2019.
He told shareholders the bitumen project started by the company was ongoing and would be operational during the year 2021.
Also, he said the construction of a gas cylinder refilling plant had also started in earnest, adding that the company hoped to complete the project by 2021.
Hundreds of shareholders across the country and other parts of the world joined the AGM electronically and voted on all the resolutions passed at the virtual AGM.
Notable among the resolutions were the change of the company’s name from GOIL Company Limited to GOIL Company Limited PLC in compliance with the new companies Act, (Act 992) and the re-election of three Directors who were retiring by rotation.