[ 2012-07-28 ]

GOIL annual turnover hits over 617 million Ghana cedis
Accra, July 27, GNA –The annual turnover of Ghana
Oil Company Limited (GOIL) rose from GH¢514.36
million in 2010 to GH¢617.67 million in 2011, an
increase of 30 per cent, Mr Patrick Akorlie, GOIL
Managing Director, said at the company's 43rd
Annual General Meeting in Accra.

He said dividend payout at GH¢0.014 per share,
totaled GH¢2.94 million, which amounted to 37 per
cent of profit after tax and explained that “this
is in line with the Company's policy of paying not
less than 30 per cent profit after tax as
dividend”.

Mr Akorlie said profit after tax was GH¢ 7.888
million, representing 25 per cent improvement over
the profits of 2010, whilst tax contributions to
government - taxes and dividends, increased by 32
per cent over the contributions of 2010 to stand
at GH¢65.083 million.

He said the share price kept its value over the
year and increased to Gh¢ 0.32 from Gh¢0.30,
describing it as a remarkable vote of confidence
from the Ghana Stock Exchange when stocks
generally were on the decline.

Mr Akorlie said in 2011: “the re-branding efforts
were in incubation”, and stressed that “the
results of the re-branding are very apparent now
and we expect the performance to reflect the
positive reactions in the coming years”.

He said the Board and Management of GOIL had
identified challenges of the oil industry as well
as opportunities, and were striving to take
advantage of them.

GOIL was incorporated as a private limited
liability company on June 14, 1960 as AGIP Ghana
Company Limited with the objectives of marketing
petroleum products and related products,
particularly fuels, Liquefied Petroleum Gas,
lubricants, bitumen and specialty products in
Ghana.

The government in 1974 acquired the shares of AGIP
SPA and Hydrocarbons International Holdings in
AGIP Ghana Company Limited and by a special
resolution in 1976 changed the name of the Company
to Ghana Oil Company Limited.

By a shareholders resolution, passed on August 1,
2007, the Company adopted new regulations and was
converted into a public Company.

Source - GNA

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