Oil marketing company, Ghana Oil Company Limited (GOIL) has hinted that it will be acquiring many local oil marketing companies (OMC’s) in an effort to increase its sales and distribution throughout the country.
GOIL recently reported an increase in profit after tax of 10.4 per cent for the year 2015.
According to the company, its profit after tax increased from 20.1 million cedis in 2014 to 22.2 million cedis in 2015. Although GOIL admitted to the current economic challenges, it attributed its performance to competitive pricing, delivering of quality products as well as maintaining a high level of visibility by the strategic spread of its stations.
At the company’s Annual General Meeting, Board Chairman for GOIL, Professor William Asomaning also indicated of the company’s resolve to improve on its service delivery going forward and hinted on the strategic move to acquire OMC’s to boost sales and product delivery.
“LPG and Lubricant sales went up by 6% and 12% respectively compared with the same period last year. Notwithstanding unreliable product supply within the year, GOIL managed to increase LPG sales through competitive pricing and increased investments in new filling plants,” Professor Asomaning stated.
He added, “Consequently, the profit after tax of GOIL, grew by 10.4 % up from GH¢20.1 million in 2014 to GH¢22.2 million in 2015. The Board is therefore pleased to recommend a dividend of GH¢0.025 per ordinary share for the 2015 financial year. This compares with GH¢0.020 in 2014.”
But Managing Director of GOIL, Patrick Akorli at the event explained that the profits were largely as a result of current investments made in anticipation of greater returns in future.
He further said, “We are not asking for much just three to four years to see the results of the investments or the sacrifices that they have made.”
The company’s gross sales increased from GH¢1,634,919 in 2014 to GH¢2,083,896 in 2015.
Customs duties and levies also increased from GH¢87,890 in 2014 to GH¢129,391.
Earnings per share increased from GH¢0.08 in 2014 to GH¢0.088 in 2015.
GOIL however says it is focused on becoming the market leader.
This it says will be driven by the extension of operations towards the upstream business as well as improving value added services such as the electronic card payment system to attract more customers and expansion through acquisition of OMC’s across the country.