Tema: The Tema Oil Refinery Company Limited (TOR) has returned to profitability, recording a net profit of GHS1.093 billion in 2025, after posting a net loss of GHS745.27 million in 2024.
According to Ghana News Agency, the turnaround was highlighted by the State Interests and Governance Authority (SIGA) in its 2025 State Ownership Report, which identified TOR among state-owned enterprises that moved from negative financial results in 2024 to positive results in 2025.
The report stated that TOR's 2025 profit represented an improvement of about GHS1.84 billion over its 2024 loss. SIGA described the development as TOR's 'first profit in almost a decade', placing the refinery among six prominent state-owned entities that recorded significant turnarounds during the year under review.
The refinery's performance formed part of a broader improvement in the financial position of Ghana's state-owned enterprises (SOEs), which collectively returned to profitability after four consecutive years of net losses. The Ghana News Agency gathered that the refinery also recorded a substantial increase in revenue, which rose by 172.03 per cent year-on-year to GHS1,970.88 million in 2025.
In addition, TOR controlled total assets valued at GHS3,434.90 million during the year under review.