Ghana Oil Company Limited which remains the number one oil marketing company in Ghana has held its 49TH Annual General Meeting to discuss the growth of the company with its shareholders, past and current board of directors, management team and the general work force.
The year 2017 saw re-engineering of the marketing operations of GOIL, in order to beat its competitors. However, strong price competition coupled with smuggling of fuel products were obstacles to achieving the overall growth targets.
But, according to GOIL, the sale of aviation fuel and bunkering (Marine Gas Oil) in 2017 was very impressive.
The Board Chairman of GOIL, Kwamena Bartels, expressed GOIL’s commitment beyond the provision of quality products and services to offering potable water and sanitation facilities to deprived communities, improve health, education and sports systems.
“GOIL’s commitment is anchored on our mission that goes beyond the provision of quality products and services”.
He added that GOIL’s business expansion projects have made it imperative to cut the sword to commence three gas filling plant in Tema, Takoradi and Kumasi as well as establish a bitumen plant project and acquire a new head office at Achimota.
“In the downstream sector, the company intends to create a niche in the bitumen industry,” he said.
The sum of money paid regularly by GOIL to its shareholders out of its profits also known as dividend, has amounted to GHC10,072,168.00 with GHC0.028 per share in 2017.
The Managing Director of GOIL, Patrick Akorli said it is better to use shareholders fund or retained earnings to expand the business than use debt or borrow to undertake expansions.
“In every business, you are either going to use the shareholders’ fund to expand your business or you go to borrow to expand. Now, the stage at which we are, we need to expand. If we are to continue to do well, and also continue to maintain our market share,” he averred.