2019 GOIL financial performance impressive – Bartels
The 2019 financial performance of GOIL Company Limited was impressive as the group made a profit after tax of GHS105.5 million, up by 29 per cent compared to the year 2018.
Mr Peter Kwamena Bartels, the GOIL Board Chairman, giving accounts at the 51st Annual General Meeting of shareholders in Accra, which was organised virtually, said GOIL’s earnings per share moved from GHS0.209 to GHS0.269.
He said total asset increased from 1.345 billion cedis to approximately 1.716 billion cedis adding that the company had embarked on projects with the potential to yield higher gains in future.
“For this reason, the Board has decided to retain a considerable amount of the earnings per share to help finance the projects. Recommendation for dividend per share is GHS0.045 as against 0.042 in 2018,” he said.
Mr Bartels said GOIL continued to be formidable, results-driven and adaptable, which “we believe are the needed characteristics for achieving sustainable growth.”
“It’s a company that has seen the transformation from being listed for divestiture to the biggest oil marketing company in Ghana.”
Mr Bartels said it continued to emphasise on issues relating to health, safety, security and environment.
“In 2019 we increased momentum towards ensuring that our operations are carried out in a safe and environmentally friendly manner,” he said.
He said those efforts were specifically geared towards the safety and well-being of employees, customers, and interested parties alike.
“We abide by statutory, regulatory as well as other relevant legal requirements. We recognise that these requirements represent the minimum level to be achieved and to improve upon it, we adopt and implement internationally recognised best practices”.
Mr Bartels said key to maintaining the confidence of its esteemed customers was the ability to continue to ensure that product offering was of the highest quality, hence the stepping up in fuel testing.
“External testing laboratories were regularly engaged to ensure that incoming products were up to specifications. Regular and random testing of products within our ecosystem were, in addition, carried out,” he said.
“The Company does not only protect personnel and property against potential fires, but also from armed robberies, which have the tendency to hurt sales in so many ways including limiting the number of working hours”.
He said in line with the Integrated Management System comprising quality and environmental management, GOIL followed the international best standards to ensure continuous improvement.
Mr Kwame Osei-Prempeh, GOIL Group Chief Executive Officer, said the AGM received the 2019 Accounts and recommended the payment of dividend of GH¢0.045 per share amounting to GH¢17,633,841.00 for the year ending December 31, 2019.
In accordance with Regulation 88 of the Company’s Regulations, the following directors who are retiring by rotation but were eligible for re-election were re-elected as directors.
They are Mr Robert Owusu Amankwah, Mr Thomas Kofi Manu, and Mr Stephen Abu Tengan.
The remuneration of the auditors were fixed in accordance with Section 139 of the Companies Act 2019, Act 992, as Messrs Pannell Kerr Forster continues in Office as Auditors of the company.