GOIL PLC has posted impressive financial results for 2024 despite navigating a difficult economic and business landscape marked by geopolitical tensions, supply chain disruptions, and global trade protectionism.
At the company’s 56th Annual General Meeting held in Accra, Board Chairman Nana Philip Archer announced that GOIL’s consolidated profit rose to GH₵ 871 million, representing a 54.82% increase over the previous year.
He attributed this significant growth to prudent financial management, strategic marketing, and enhanced operational efficiency.
Although the company saw a 0.2% increase in operating costs and a 20.25% rise in finance costs, these were effectively offset by strong revenue growth and financial discipline.
Total assets rose by 1% to GH₵ 4.8 billion, while earnings per share (EPS) grew by 54.3%, from GH₵ 0.14 to GH₵ 0.20.
Beyond its financials, GOIL continued to prioritize health, safety, environmental stewardship, and quality management.
The company intensified risk assessments, conducted safety audits, and launched employee wellness initiatives resulting in a notable reduction in lost-time injuries and near misses.
GOIL also achieved full compliance with EPA standards and improved its waste management systems.
GOIL’s commitment to corporate social responsibility (CSR) was evident in several impactful initiatives. In 2024, the company constructed seven mechanized boreholes, benefiting more than 100,000 residents.
It continued its sponsorship of the National Science Centre, and partnered with health-focused organizations to support reconstructive surgeries, blood donation drives, and support for underprivileged institutions.
Looking ahead, GOIL has proposed a limited dividend per share of GH₵ 0.056, balancing near-term shareholder returns with long-term financial stability.
The company has also accelerated the transformation of its service stations into retail hubs, further demonstrating resilience and a commitment to stakeholder value creation.
Board Chairman Nana Philip Archer emphasized that GOIL’s strong financial performance, coupled with its commitment to sustainability and CSR, positions the company for continued success in a challenging global environment.
Speaking to the media, Group CEO/Managing Director Edward Abambire Bawa revealed that GOIL has introduced specific performance deliverables for staff to be achieved by year-end.
These targets, he noted, are designed to enhance accountability, increase shareholder value, and improve dividend payouts.
“Each staff member will be assessed based on clear policy guidelines,” Mr. Bawa said. “This is part of our broader strategy to drive growth, boost performance, and deliver value to our shareholders.”
With clear targets, disciplined execution, and a strong emphasis on stakeholder engagement, GOIL is poised to build on its 2024 momentum and sustain its growth trajectory in the years ahead.
source: Myxyzonline.com
