GOIL increases profit by 7% despite revenue decline, declares higher dividend
Board Chairman of GOIL PLC, Nana Philip Archer, has credited the company’s improved profitability in 2025 to effective cost-control measures and enhanced operational efficiency, despite a decline in revenue and a challenging operating environment within the petroleum sector.
According to him, strategic efforts to reduce depot and service station expenses, administrative costs, and finance-related charges played a key role in strengthening the company’s financial performance during the year.
As a result, GOIL recorded a 7.05 percent increase in net profit after tax, rising from GH¢84.70 million in 2024 to GH¢90.67 million in 2025. This growth was achieved despite gross revenue falling from GH¢20.36 billion to GH¢18.55 billion over the same period.
Speaking in the company’s annual report, Archer said the results reflect GOIL’s ability to transform operational discipline into sustainable value for shareholders.
“The improved earnings per share, which rose by 6.94 percent, demonstrate our growing ability to translate operational discipline into sustained shareholder value,” he stated.
Buoyed by the stronger financial performance, the Board has approved a dividend of GH¢0.060 per share for the 2025 financial year, representing a total payout of approximately GH¢23.5 million. The dividend marks the company’s first increase in shareholder returns in three years.
Key financial indicators also showed positive growth. Earnings per share increased from GH¢0.2160 in 2024 to GH¢0.2310 in 2025, while GOIL’s share price nearly doubled, climbing from GH¢1.52 to GH¢2.96.
Archer further revealed that the company’s total assets expanded to GH¢4.88 billion during the year. He noted that reductions in overdraft facilities and term loan obligations also helped strengthen GOIL’s financial position.
Looking ahead, GOIL plans to expand the storage capacity of its GOBitumen business to 12,000 metric tonnes by the end of 2026 as part of efforts to improve operational efficiency and service delivery.
The Board Chairman also highlighted the company’s commitment to maintaining high standards in Health, Safety, Security, Environment and Quality (HSSEQ).
He disclosed that GOIL attained ISO 45001:2018 certification in 2025 while retaining its ISO 9001 and ISO 14001 certifications, underscoring its commitment to international best practices. During the year, the company conducted 3,144 HSSEQ inspections nationwide and successfully addressed all identified non-conformities.
Archer noted that GOIL maintained full environmental compliance throughout the year and continued investing in employee training programmes aimed at strengthening safety, accountability, and operational excellence.
Beyond its business operations, the company also supported a number of community development initiatives, including the donation of hospital beds and medical equipment, as well as the construction of boreholes in underserved communities.
“True corporate success must be measured not only by profit, but also by the positive and lasting impact we make in the lives of people and communities,” he said.
He expressed confidence that GOIL would continue to drive growth through innovation, strategic leadership, and operational discipline while creating long-term value for shareholders and stakeholders alike.
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