Ghana Oil Company Limited Holds Annual General Meeting

The 48th Annual General Meeting (AGM) of Ghana Oil Company Limited (GOIL) has taken place in Accra.

The meeting was organized to receive and consider the reports of the Directors and the Auditors and the Financial Statements of the Company for the year ended December 31, 2016.

The meeting was also to declare a dividend for the year ended December 31, 2016; to elect Directors; authorize the Directors to fix the remuneration of the Auditors; and to fix the remuneration of the Directors.

Addressing shareholders at the meeting, last week, the Chairman of the Board of Directors, Prof. William Asomaning, disclosed that GOIL remained the biggest Oil Marketing Company (OMC) in Ghana with a market share of 18 per cent.

Prof. Asuomaning said in the year ended December 2016, GOIL achieved 95.8 per cent of its fuel sales target and grew fuel sales by 9.8 per cent, while Liquefied Petroleum Gas (LPG) sales grew by 30 per cent, compared to 2015; and Lubricants sales improving by 11 per cent, compared to 2015.

He said the Company achieved a turnover of GH¢2, 645.441 million in 2016, representing a 26.95 per cent increase over 2015, while Net profit after tax grew from GH¢ 22.211 million in 2015 to GH¢35.256 million in 2016.

On tax obligations, the Board Chairman said, GOIL, during the year under review, contributed GH¢617.072 million, GH¢14.742 million and GH¢6.037 million as Customs, Duties and Levies; income tax payment; and Dividend payments, respectively.

The Board, he said, had recommended a dividend payment of GH¢0.025 per share this year.

Prof. Asuomaning disclosed that the Company's asset base grew by more than 500 per cent since the Board took over the governance of the Company in 2009.

He said Corporate Social Responsibility (CSR) was central to GOIL's good governance policies, anchored in Water & Sanitation, Sports development and Health.

Source: ISD (G.D. Zaney)

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