State-owned Oil Marketing Company, Goil, has posted a strong profit of GHS 81m at the close of the 2022 financial year, up from the previous year’s profit of GHS 61m.
The OMC’s net revenue also saw a significant increase, rising from GHS 4.3bn in 2021 to GHS 11.1bn in 2022. These positive results were driven by the company’s focus on operational efficiency and cost management, as well as favorable market conditions.
The OMC’s retained earnings as at end 2022 stood at GHS 356m, a healthy increase from the previous year’s figure of GHS 296m. Of these retained earnings, the company has proposed a final dividend of GHS 0.056 per share for shareholders, amounting to GHS 21.9m for the year ended 2022.
Total assets of the OMC at end-December 2022 stood at GHS 3.6bn, representing a significant increase from the previous year’s figure of GHS 2.09bn. This is a reflection of the company’s continued investment in its operations, including the expansion of its retail network and the acquisition of new assets to support its growth.
However, it is worth noting that the OMC’s total liabilities also saw a significant increase, rising from GHS 1.59bn in the previous year to GHS 3.05bn at end-2022 driven largely by increments in current assets which grew to GHS 2.9bn at end-2022 from GHS 1.4bn at end-2021.
Overall, the OMC’s strong financial performance in 2022 is a testament to the company’s sound management practices and strategic focus on growth and profitability. With a solid financial foundation and a clear growth strategy, the OMC is well-positioned to continue delivering value to its shareholders and customers in the years ahead.