Accra: Board Chairman of GOIL PLC, Nana Philip Archer, has attributed the company's improved profitability in 2025 to disciplined cost management and operational efficiency measures, despite a decline in revenue and challenging conditions within the petroleum industry.
According to Ghana Web, deliberate reforms aimed at reducing depot and station expenses, administrative costs, and finance-related charges enabled the company to record stronger earnings during the year.
The measures helped GOIL increase its net profit after tax by 7.05 percent to GHS90.67 million in 2025, up from GHS84.70 million in 2024, even as gross revenue declined from GHS20.36 billion to GHS18.55 billion. Speaking in the company's annual report, Mr. Archer said the improved performance demonstrates GOIL's ability to convert operational discipline into sustainable shareholder value.
"The improved earnings per share, which rose by 6.94%, demonstrate our growing ability to translate operational discipline into sustained shareholder value," he stated. The stronger financial performance has prompted the Board to declare a dividend of GHS0.060 per share for the 2025 financial year, amounting to approximately GHS23.5 million. The payout represents the first increase in dividend distribution in three years.
GOIL posts 12% profit growth in Q1 2025, revenue hits GHS5.6 billion. Key financial indicators also reflected the company's progress, with Earnings Per Share rising from GHS0.2160 in 2024 to GHS0.2310 in 2025. GOIL's share price also appreciated significantly from GHS1.52 to GHS2.96 over the same period.
Archer further disclosed that the company's total assets grew to GHS4.88 billion during the year, while reductions in overdraft facilities and term loan obligations strengthened its balance sheet. He revealed that GOIL plans to expand the storage capacity of its GOBitumen business to 12,000 metric tonnes by the end of 2026 to improve operational efficiency and service delivery.
He also highlighted the company's commitment to maintaining high Health, Safety, Security, Environment, and Quality (HSSEQ) standards. "In 2025, GOIL successfully attained ISO 45001:2018 certification while retaining ISO 9001 and ISO 14001 certifications, reinforcing our dedication to global best practices. Nationwide, 3,144 HSSEQ inspections were conducted with all identified non-conformities fully resolved," he said.
Archer noted that GOIL maintained full environmental compliance throughout the year and continued to invest in staff training programmes to strengthen safety and accountability across its operations. He also said the company supported several community projects, 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 added. He expressed confidence that GOIL would continue to pursue innovation, strategic leadership, and operational discipline to sustain growth and create long-term value for shareholders and stakeholders.