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GOIL Company Limited (GOIL) recorded an impressive performance in 2019, with profits increasing by 29 per cent and sales growing by 9.66 per cent.

Addressing shareholders at the company’s 51st Annual General Meeting (AGM) held virtually and streamed live by video link to all shareholders in Accra, Board Chairman, Kwamena Bartels disclosed that GOIL’s growth in sales volume of fuel was higher than that of the industry for the first time in many years.

Whilst the Industry grew by 6.44 per cent, GOIL sales went up by 9.66 per cent.

Profit after tax stood at GH¢105.5 million, up by 29 per cent compared to the year 2018.

The Board of Directors therefore recommended the payment of dividend of GH¢0.045 per share, as against GH¢0.042 in 2018, amounting to GH¢17,633,841 for the year ended 31st December, 2019.

Mr Bartels told shareholders, the main drivers behind the growth, were not the sale of the traditional products, Diesel XP and Super XP, which traditionally formed about 90 per cent of the volume of sales, but rather the sale of mining diesel, bunkering and aviation fuel.

Earnings per share moved from GH¢0.209 to GH¢0.269, while total assets increased from GHc1.345 billion cedis to approximately GHc1.716 billion cedis.

Explaining the reason for the dividend declaration, Mr Bartels said the company had embarked on projects that had the potential to yield higher gains in the future and therefore decided to retain a considerable amount of the earnings per share to help finance the projects.

The Group Chief Executive Officer and Managing Director of the Company, Mr Kwame Osei-Prempeh assured shareholders that the future prospects of the company remained bright, with the hope that “as the world gradually gets rid of COVID-19, the sale of non-traditional products would continue to increase overall sales as experienced during the year 2019.”

He told shareholders the Bitumen project embarked upon by the company was ongoing and would be operational during the year 2021.

Work regarding the construction of a Gas Cylinder Refilling plant had also started in earnest and the company hoped to complete the project by 2021.