COVID-19 decreases GOIL’s profits by 14%.

The Group’s profit after tax slumped to GH¢ 92.5 million from GH¢ 106.9 million, representing a 13.57% drop. The company had posted steady growth in the last five years but took a nosedive last year. The year was disrupted by the pandemic forcing government institutions, businesses, educational institutions, and the entertainment industry, among others, to switch to online platforms for operations. Lockdowns and restrictions affected patronage while disruption in global supplies of fuel significantly impacted prices. Goil’s share price presently trades at GH¢1.50 on the Ghana Stock Exchange. 2020 review: Goil earnings per share (EPS) was cut to GHC$0.236 from the previous year’s GH¢0.273, according to the firm’s 2020 unaudited financial statement.  Goil has registered three subsidiaries; GOEnergy Company Limited, a Bulk Oil Distribution Company (BDC), which distributes petroleum products to Oil Marketing Companies (OMCs), and GOIL Financial Services Limited, which provides an electronic payment system and aims to provide money transfer services.

Kobby Koomson
Author: Kobby Koomson

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