GOIL grows assets by 478 million in 12 months
State-owned Oil Marketing Company (OMC), Ghana Oil Company (GOIL) for the period ended June 2021, posted a net assets value of Ghs 1.84 billion.
The posted net assets value of the state-owned OMC consists of current and non-current assets valued at Ghs 1.15 billion and Ghs 687 million respectively.
GOIL’s non-current assets (long term assets) made up of fixed assets such as property, plant and equipment increased in value by some Ghs 331 million year-on-year (YoY).
For its current assets (short-term assets), stocks held by the OMC as well as monies to yet to be credited the company – accounts receivable – for the review period increased from Ghs 28 million to Ghs 88 million and Ghs 437 million to Ghs 542 million in Q2 2020 and Q2 2021 respectively.
Compared to the net assets value of Ghs 1.36 billion for Q2 2020, GOIL grew it’s assets by Ghs 578 million on a YOY basis.
With regards to profit made for the year under review, posted net profit-after-tax amounted to Ghs 38.6 million translating into an earning per share of 0.09 pesewas for the company’s shareholders.
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The posted profit for Q2 2021 marks an increment of some Ghs 7.4 million from the posted profit of Ghs 31.2 million for Q2 2020.
The posted profit for Q2 2021 however, represents a significant reduction in the company’s profit given that OMC at end-June 2021, posted a gross profit of Ghs 161 million.
Total liabilities of the OMC for Q2 2021 amounted to Ghs 1.35 billion with current and non-current liabilities accounting for Ghs 1.17 billion and Ghs 180.5 million respectively.
GOIL is one of the major three OMCs in the country with the other two being Total and Shell.
Peruse below details of the financial statement:
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