GOIL's Dividend Goes Up

The Ghana Oil Company Limited (GOIL) on Thursday declared dividend per share of GH˘0.016 for 2013, up from GH˘0.015 in 2012. In 2013 there was a GH˘20 million bonus issue of shares to shareholders thus increasing the number of outstanding shares from 210,186,240 to 252,223,488. This resulted in an increase in dividend payable by 28 per cent. The total dividend to be paid would move from GH˘3,152,796 for 2012 to GH˘4,035,576 for 2013, Professor William A. Asomaning, GOIL Board Chairman, said at its 45th Annual General Meeting (AGM) of Shareholders in Accra. He said the continuous improvement in the performance of the Company had resulted in increased profitability in recent times. On the company’s financial contributions to the government, Prof Asomaning said over the past year the Company honoured all its due ­financial obligations to the government. It increased the 2012 payout to the government by 12 per cent, with a contribution of GH˘82.313 million. Customs duties & other levies was GH˘76.956 million in 2013 up from GH˘68.585 million in 2012; Income Tax GH˘3.743 million in 2013 as against GH˘2.894 million in 2012; Dividend Payment GH˘1.608 million in 2013 as against GH˘1.500 million in 2012 and Total Payment GH˘82.313 million for 2013 as against GH˘72.979 million in 2012. On Sales Performance, Prof Asomaning said despite the challenging economic conditions, the underlying strengths of GOIL’s brand and leading market position remained unchanged as the company managed to increase its volume of sales by 8 per cent compared to the year 2012. He said this was about four per cent above that of the industry. The products that contributed to this achievement were gasoline and diesel. Aviation jet fuel performed extraordinarily well, recording a 61 per cent growth, though national consumption fell by seven per cent. “Recognizing GOIL’s growth prospects as being dependent on the prudent management of the retail fuel sector, the Board and Management implemented a number of changes and initiatives to streamline operations at the forecourts,” he said. The GOIL Board Chairman said these changes contributed to the growth in the volume of sales, stressing that the rebranding of GOIL’s retail outlets also preceded well. He said in 2013 GOIL constructed 17 stations that are six company-owned and 11 joint venture stations with the characteristics of the new brand image. He said in response to the challenges brought by increased competition, over 80 oil marketing companies operating in the country, a programme for pump replacement and rotation was implemented. “This resulted in better and more reliable fuel delivery at the Goil stations, boosting customer confidence and loyalty,” he said.