Home   >   Markets   >   201207   >   GOIL holds 43rd annual general meeting


GOIL holds 43rd annual general meeting
 
Posted on: 27-Jul-2012         Source: myjoyonline.com
 
 
 
Ghana Oil Company Limited (GOIL) held its 43rd Annual General Meeting at the auditorium of the College of Physicians & Surgeons, Accra on Wednesday, 25th July, 2012. The Board of Directors presented its report for the year 2011 performance of the company to its shareholders.

Presenting the highlights of the financial year under review to the shareholders, the Board Chairman of GOIL, Prof. William A. Asomaning said, “as a result of prudent management of resources and savvy business deals entered into, your company impacted positively on the financial performance for the period under review, turnover increased by 30% over last year, from GHc514.36 million to GHc617.67 million. A combination of greater volumes sold and higher prices accounted for this increase”.

“Profit after tax was GHc 7,888 million, representing a 25% improvement over the profits of 2010. Dividend payout at GHc0.014 per share totaled GHc2.94 million and amounted to 37% of profit after tax, which is in line with the company’s policy of paying not less than 30% profit after tax as dividend.

"Tax contributions to the government as taxes & dividends, increased by 32% over the contributions of 2010 to stand at GHc65, 083 million. The share price kept its value over the year, and increased to Ghc0.32 from Ghc0.30. This was a remarkable vote of confidence from the GSE when stocks generally were on the decline”, the Board chairman added.

The Managing Director of GOIL, Mr. Patrick Akorli said, “the year 2011 was a period when the re-branding efforts were in incubation. The results are very apparent now and we expect the performance to reflect the positive reactions in the coming years”.

“Our Company is very aware of the huge challenges facing the industry. We are also aware of the opportunities which exist, and are striving to take good advantage of them."

"The re-branding efforts, and the GSE seem to suggest we are on the right path, and after the AGM, the shareholders have re-affirmed their belief in the way the Company is being directed. The future is indeed, very bright,” the GOIL Boss concluded.