New GOIL Board promises to double market share

The new Board Chairman of GOIL Kwamena Bartels has set a target to double the company’s market share in the Oil Marketing Industry.

GOIL which is currently the market leader in the Oil Marketing Industry is also listed on the Ghana Stock Exchange.

Speaking to Citi Business News after an Annual General Meeting in Accra, Mr. Bartels assured to continue the legacy of the outgoing board of directors to expand the company’s operations.

“We are determined to increase our market share from the 18.2 percent to something in the neighborhood of about 30 percent or more. We want to control the market especially to make sure that we control the prices of various products produced by the company,” he assured.

Mr. Bartels, who served as Minister for the Interior under former President John Kufuor’s government was hopeful that GOIL can use its market leader position to drive down the prices of petroleum products in the country.

“We believe that when we grow the market share to the over 30 percent, we can influence the prices and the consumer will benefit,” he stressed.

2016 Financials 

Meanwhile, presenting the financial performance of the company at the AGM, outgoing Board Chairman, Professor William Asomaning said GOIL achieved 95.8 percent of its fuel sales target in spite of the tight competition in the industry.

“Despite a fall of about 5.6 percent in national consumption of fuel products, the company grew its fuel sales by 9.8 percent during 2016. The sale of Liquefied Petroleum Gas grew by 30 percent in 2016 compared to 2015 while the sale of lubricants improved by 11 percent compared to 2015”, he announced.

He stated that GOIL still remains the biggest OMC with a market share of 18.2 percent.

Professor  Asomaning touted the achievement of rebranding and increasing the company’s share

“One of the major activities undertaken in 2016, was the  rights issue to raise additional capital of GHS150 million to pursue certain key projects among which are the Takoradi Harbour project and the construction of a bitumen and a lubricant blending plant in Tema,” he recalled.

He stated that GOIL attained gross revenue of GHS2.6 billion in 2016 compared to GHS2 billion in 2015.

This he said  represented a 26.9 percent increase over the 2015 figure.

“ Net Profit After Tax grew from GHS22.2 million in 2015 to GHS35.2 million in 2016 representing 58.7 percent increase over 2015.  The company’s  asset also grew by 500% since the board took  over in 2009,” he noted.

The company at its AGM declared a GHS0.025 pesewas per share.