GOIL Plc has announced impressive financial growth for the 2024 financial year, driven by sound financial management, strategic marketing, and operational efficiency, despite navigating a challenging economic environment.

Addressing shareholders at the company’s 56th Annual General Meeting (AGM) in Accra, Board Chairman Nana Philip Archer disclosed that total consolidated assets grew by 20.1% to GH₵4.8 billion, while current assets recorded a strong 34% growth, largely attributed to increased trade receivables.

Though operating costs rose by 11.2% and finance costs increased by 20.25%, the company’s disciplined approach to asset management and strong revenue performance helped sustain profitability.

GOIL’s earnings per share jumped significantly by 54.3%, from GH₵0.140 to GH₵0.216. Over a five-year span, profit before tax surged to GH₵136.839 million in 2024, up from GH₵87.272 million in 2023.

In recognition of this performance, the Board proposed a dividend payout of GH₵0.056 per share, amounting to GH₵21,944,335 for the year under review—a proposal which was unanimously accepted by shareholders. Nana Archer emphasised that the decision strikes a balance between delivering shareholder value and ensuring long-term financial sustainability.

Looking ahead to 2025, he expressed optimism that a stable macroeconomic environment and smooth political transition would create a favourable climate for growth. Key strategic initiatives include the expansion of LPG bottling plants in Tema and Kumasi, with a combined capacity of 1,200 metric tons, to support the national Cylinder Recirculation Model.

GOIL also plans to strengthen its presence in the aviation, mining, and auto gas sectors.

According to Nana Archer, the company’s focus for 2025 will be on embedding innovation, leveraging technology, and enhancing risk governance to secure long-term growth.

Group CEO and Managing Director, Mr. Edward Abambire Bawa, echoed these sentiments, noting that GOIL is aligning its operations with the global green transition. He said management is committed to adapting to innovations and improving competitiveness in the downstream petroleum sector.

Mr. Bawa further revealed that a new target-based performance review system is being implemented to drive operational efficiency and help meet key business objectives.