GOIL PLC, the leading indigenous oil and gas firm in the Republic of Ghana, improved its performance in 2022 by registering a net profit after tax of Gh¢123.89 million, despite the harsh economic conditions both internally and externally.

The figure represents a 26 per cent growth of the 2021 net profit after tax of Gh¢98.74 million.

Both local and international economies impacted the company’s operating expenses in 2022 when it registered Gh¢362.95 million, up by 55 per cent from last year.

Providing details of the company’s performance at the 54th Annual General Meeting in Accra, Wednesday, June 7, 2023, the Board Chairman of GOIL PLC, Reginald Daniel Laryea said GOIL increased its number of stations by four per cent.

The company’s fuel sales grew by 21.4 per cent during 2022 compared to the previous year.

Revenue for 2022 was Gh¢22,000,243,000 compared to Gh¢8,437,994,000 in 2021.

The company’s overall market share grew from 15.32 per cent in 2021 to 20.11 per cent in 2022.

The company continued to dominate the bunkering market in Ghana, increasing its market share from 60 per cent in 2021 to 73 per cent in 2022.

Mr Laryea noted that the company also made significant investments in the supply of quality products and services to the mines.

“GOIL increased its market share in the mining industry, expanding its sales volume from 49.2 million litres in 2021 to 59.2 million litres in 2022,” he revealed.

He added that the company rejuvenated the Non-Fuel business which is allowing other businesses to operate and the forecourt of the stations including GoCafes and Lubebays.

GOIL declared a dividend of Gh¢0.056 per share amounting to Gh¢21, 944,335.00 for shareholders.