GOIL after-tax earnings up by 25%

Oil marketing company GOIL’s after-tax earnings rose by 25% in 2011, reaching GH¢7.9 million from GH¢6.3 million in 2010, according to financial results released ahead of its annual general meeting on July 25.


The company said net sales went up by 29% from GH¢472.3 million in 2010 to GH¢609.3 million, resulting in a 22% increase in gross margin. Gross sales amounted to GH¢671.7 million, an increase of 31% over the previous year.


In a statement accompanying the results, chairman of the company’s board, Prof. William Asomaning, said prudent management of resources and savvy business deals impacted positively on the financial performance during the year under review.


He said demand for petroleum products nationally rose by 30% in 2011, and forecast further increases in the coming years. He said the production of oil has brought with it support services that are dependent on the use of petroleum products to satisfy demand by the industry.


“In harnessing the opportunities arising out of the oil find, the company made significant progress in the supply of marine gas oil to vessels, and other operational equipment to some exploration and production companies operating in the country,” he said.


He said GOIL formed a joint-venture company with Chase Petroleum named United Storage Company, adding the purpose of the joint venture was to rehabilitate the Takoradi depot and to manage and operate the depot for the joint benefit of both parties.


The company also completed the first phase of the rehabilitation of the Takoradi depot, repairing leaking tanks, and increasing the diesel storage capacity, and efforts are also underway to revamp its retail equipment and improve the quality of pumps on the forecourts.


During the year, the company continued its rebranding exercise which had started in 2010, the chairman said. The thrust of the rebranding campaign is to strategically position GOIL in the face of intense competition from both local and multinational companies in the industry.


Intensive education of staff, attendants, dealers, and BRV drivers was carried out in the run-up to the launch to ensure that all units of the company were well informed and ready to deliver on the company’s promise of ‘Good Energy’.


In May, GOIL unveiled its new corporate logo and new-look station design as part of the rebranding, and last week, the company’s management interacted with customers to seek their view on the campaign and gave various GOIL-branded items to patrons.


Management promised that in the coming months many new stations will be opened and the company will come out with new products to underline its commitment to giving customers and the general public the best in world-class products and services.


www.goilonline.com

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