GOIL PLC Reports GH¢84.7 Million Consolidated Profit in 2024

Ghana’s leading indigenous oil marketing company, GOIL PLC, recorded a robust financial performance in 2024, reporting a consolidated profit of GH¢84.7 million, representing a 54.82% increase over its 2023 performance.

The company’s total assets grew by 20.1%, reaching GH¢4.8 billion, signalling continued financial resilience and strategic growth.

Speaking at the 56th Annual General Meeting held in Accra, Board Chairman Mr. Philip Archer attributed the strong performance to a combination of prudent financial management, strategic marketing, and enhanced operational efficiency.

“While operating costs rose by 11.2% and finance costs increased by 20.25%, these were effectively offset by strong revenue generation and disciplined asset management,” Mr. Archer stated in GOIL’s 2024 Annual Report.

He further noted that current assets increased by 34%, primarily due to higher trade receivables. This contributed to a 54.3% rise in earnings per share, from GH¢0.140 to GH¢0.216.

Despite global economic headwinds, GOIL maintained a strong focus on health, safety, security, environment, quality, and compliance. Mr. Archer revealed that the company intensified risk assessments, safety audits, and wellness initiatives, leading to a notable reduction in lost-time injuries and near-miss incidents.

On the security front, the company expanded surveillance systems and is preparing to launch a centralised CCTV monitoring centre in 2025. Quality control was also prioritised through routine product testing, mystery shopping, and customer feedback mechanisms.

Looking ahead, Mr. Archer expressed confidence in the company’s new Bitumen Plant and highlighted ongoing expansion of LPG bottling plants in Tema and Kumasi, key to supporting Ghana’s Cylinder Recirculation Model.

“We also aim to deepen market penetration in the aviation, mining, and auto gas sectors. Continued business process automation will help drive cash flow, strengthen competitiveness, and position GOIL for future growth,” he added.

In line with its financial performance, GOIL maintained a dividend per share of GH¢0.056 for the 2024 financial year. Mr. Archer reaffirmed the Board’s commitment to strong corporate governance and ethical leadership, noting that the company’s 2025 strategy will focus on innovation, technology adoption, and integrated risk management.

Managing Director Mr. Edward Bawa expressed satisfaction with the 2024 results, stating that GOIL remains committed to staying competitive, embracing green energy transitions, and driving innovation to grow profits and deliver long-term value.