Group Profits of Ghana Oil Company Limited (GOIL), increased by 21 percent to 65.1
million cedis in 2017. GOIL as a company also recorded a profit after tax of GH¢39,335
compared to the GH¢35,256,000 recorded in 2016
GOIL also paid 1.128 billion cedis as taxes and levies to government during the same
year.
This was announced by Board chairman of the company Kwamena Bartels at the 49 th
Annual General Meeting held in Accra
He told shareholders that despite making lower than expected volume of sales, the
GOIL Group also increased its earnings per share from GH¢0.137 in 2016 to GH¢0.166
in 2017.
He said, reduction in fuel sales volumes was however compensated with strong
showings in other sectors with Lubricant sales performance growing by 7%, while LP
Gas sales also increased by 17% in 2017. The Sale of aviation fuel and Bunkering
(Marine Gas Oil) were very impressive, noting that GOIL still remained the number one
Oil marketing company with 20 percent of the market share up from the 2016 share of
18.2 percent.
On future prospects, he said GOIL has been selected as one of the OMCS to lead in
the implementation of the new National Gas re-circulation policy and will build three
Gas-filling plants in Tema, Kumasi and Tamale.
Work on Bitumen factory and a lubricant blending and filling plants will also begin this
year, he noted.
The managing Director and Group Chief Executive Officer, Mr. Patrick Akorli, assured
shareholders the company was on a positive trajectory and in good financial health.
He appealed to shareholders to embrace the dividend declared explaining that the new
investments and diversifications will further position GOIL as a proud indigenous and
financially stable Oil marketing entity.

GOIL declared a dividend of GHC 0.028 per share up for 2017, up from the 2016 figure
of GHC 0.025 per share.

Hon. Kwamena Bartels delivering his report to Shareholders

Mr. Patrick A.K. Akorli addressing the shareholders

Some of the Shareholders at the GOIL 49th AGM in Accra

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