The Board of Directors of Ghana Oil Company Limited (GOIL) has recommended a dividend payment of Gh?0.025 per share this year, which was unanimously approved by shareholders at the 48th Annual General Meeting in Accra.

Final dividend of Gh?0.025 per share amounting to Gh?6,037,344.00 was paid during the year as well as a final dividend of Gh?0.025 per share amounting to GH?9,796,578.00 was proposed for the year ending December 31, 2016.

GOIL in 2016 achieved a turnover of Gh?2,645,441.00 representing a 26.95 per cent increase over 2015 and a net profit after tax grew from Gh?22,211,000.00 in 2015 to Gh?35,256,000.00 in 2016 representing 58.73 per cent increase.

GOIL also contributed Gh?617,072,000.00; Gh?14,742,000.00; and Gh?6,037,000.00 as customs, duties and levies, and income tax and dividend payment, respectively.

GOIL achieved 95.8 per cent of its fuel sales target in spite of the tight competition in the industry; and despite a fall of about 5.6 per cent in national consumption of fuel products, GOIL in 2016 fuel sales grew by 9.8 per cent.

Liquefied Petroleum Gas (LPG) sales grew by 30 per cent; Lubricant sales also improved by 11 per cent and GOIL remains the biggest Oil Marketing Company (OMC) with a market share of 18.2 per cent.

“I am delighted to say that GOIL’s asset base has grown by over 500 per cent since the Board of Directors took over in 2009,” Professor William A. Asomaning, out-going Board Chairman, stated at the AGM.

Prof. Asomaning noted that GOIL had started an exercise to revalue its landed properties, plant and machinery to establish the true value of those assets.

He explained that in 2016, the combination of good financial and operating strategies contributed to the tremendous achievement of GOIL.

“This performance was as a result of increase in the number of active retail stations, improvement in service delivery, stringent measures to operate in a safe environment, and improved quality control measures,” he said.

Prof. Asomaning said in 2016, GOIL undertook a rights issue to raise additional capital of GH?150,000,000.00 to undertake certain key projects among which are the Takoradi Harbour project, the construction of a bitumen plant and a lubricant blending plant in Tema.

He said GOIL continued to work assiduously to keep employees, contractors and customers safe by focusing on and adhering to safety regulations.

“We have strengthened our safety culture through change management programmes, reinforcing safety rules through display of posters and other capacity building programmes.

“We have efficiently used our fuel analysers to test product quality and resolved complaints and enquiries in a timely manner. This has instilled a high level of customer confidence and satisfaction amongst our stakeholders,” he said.

Mr Peter Kwamena Bartels, the new Board Chairman and a Lawyer, commended Prof. Asomaning for handing over a company in good health.

He said: “We intend to move GOIL to the next level…I assure shareholders that the new Board, under my chairmanship, will continue from where the old Board left off and our members will immediately buy GOIL shares as a commitment to the company”.

Mr Patrick Akpe Kwame Akorli, the GOIL Group Chief Executive Officer, told the Ghana News Agency that GOIL was listed on the Ghana Stock Exchange in 2007 and government currently owned 34.23 per cent of the shares whilst the other 65.77 per cent are owned by individuals and corporate bodies.

Mr Akorli, who is also known as Togbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region, said with prudent management GOIL had become the largest independent oil marketing company in the country with large distribution network and range of products patronised by industries, organisations and individuals.

“We are not going to rest on our laurels but we will continue to market quality petroleum and other energy products and services in all our branches in an ethical, healthy, safe, environmentally friendly and socially responsible manner.

“GOIL will continue to play a leading role in price setting so as to protect the interest of government in the deregulated environment. We will also continue to play a dominant role in the downstream petroleum industry with the support of patriotic Ghanaian consumers in order to ward off the dominance of hostile multinational companies.

“This is also to avoid an undue hiking of petroleum fuel prices within the country,” Mr Akorli said.

The shareholders applauded the out-going Board of Directors for the great feet achieved and decorated Mr Akorli with a calico for his accomplishment and challenged him to continue with the good works to ensure GOIL remains the number one OMC.