Ghana Oil Company Ltd jumps profit to 21%, pushes up earnings per share to 0.167
Ghanaian leading indigenous oil marketing company (OMC), just like the Nigerian National Petroleum Corporation (NNPC) known as Ghana Oil Company Limited (GOIL) had paid a total sum of GH¢1.128 billion to the government of Ghana in taxes and levies in 2017.
The development means that in spite of making lower than expected volume of sales, the GOIL Group’s financial presented an impressive result with a net profit of GH¢65.1 million, which suggest a 21 per cent jump year-on-year.
GOIL also announced leap in its earnings per share which surged from GH¢0.137 in 2016 to 0.166 in the year under review.
Lubricant sales performance was 92 per cent of the set target and grew by seven (7) per cent, in 2017 compared to the year 2016. Liquefied Petroleum Gas sales exceeded its target by three (3) per cent, and increased sales by 17 per cent compared to the same period in 2016.
GOIL however experienced marginal reduction in the sale of fuel especially at the retail sector, sale of aviation fuel and Bunkering (Marine Gas Oil) were however impressive which compensated for the marginal fall in the volume of sales of diesel and gasoline.
Board Chairman of GOIL, Mr. Kwamena Bartels, revealed the financial position of the company at the 49th Annual General Meeting held recently in Accra and affirmed that GOIL remained the biggest company in the country in terms of market share.
Continuing, he argued that the group achieved its market share of about 20 per cent in 2017, up from 18.2 per cent in 2016, and from all indications, the company is on course to achieve the target of 30 per cent market share by the end of year 2020.
