Ghana Oil Company Profits Rise & Enters Aviation Business (update)
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Monday, 20 July 2009 |
GHANA OIL Company Limited (GOIL) posted a profit of GH¢5.496 million in
2008, a 3 percent rise over GH¢5.333 million in 2007, despite the
challenges in 2008 where oil price rose to a record $147.
The Ghana Oil company which listed on the capital market in 2007 also witnessed a growth in its earning per share in 2008 to GH¢0.020, up from GH¢0.19 in 2007. Speaking at the Annual General Meeting (AGM) of the oil marketing company which was well-attended, Freddie Blay, outgoing chairman of the board, said GOIL has positioned itself to chalk gains from the oil discovery that Ghana made in 2007.
According to him, the company has already started providing services to some of the companies involved in the upstream activities offshore in the Western region. “It has commenced upstream construction facilities in Takoradi to store and supply aviation fuel in Takoradi, a development which will enhance the business of the company and enable it become a player in the aviation fuel supply business for the first time in the history of the company,” Hon. Blay said.
The developments in the upstream sector of the industry continue to generate interest both within and outside the confines of the industry. He pointed out that GOIL is exploring other opportunities in the upstream sector and in the aviation fuel business. He took the opportunity to commend his colleague board members, including Dr. Francis Poku, Kofi Asamoah and Richard Adu-Poku, who are retiring and welcomed the new board members, urging them to work hard to accelerate the fortunes of the firm.
Yaw Agyemang Duah, Managing Director of the bank, on his part said, his outfit would add new service stations to existing stock. He explained that the company’s participation in the aviation industry, coupled with increased bunkering business relating to the exploration activities being undertaken by the upstream companies, will provide improvement in the company’s business and a brighter future.
GOIL controls 19 percent of the oil marketing industry that is made up of about 56 players. In 2007, the company introduced a differentiated high octane fuel with the brand name G-Plus onto the market which is presently being patronized. The company in 2008 paid GH¢65 million to government as customs duties and other levies.
New board members, including Professor William Afiakwa Asomaning, Faustina Nelson and Kojo Bonsu, were approved by the shareholders.
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