The Board Chairman of GOIL Company Limited, Kwamena Bartels has stated that despite a 14% reduction in the company’s revenue in 2020, GOIL remained committed to its shareholders and will, therefore, not reduce dividends.
Speaking at the 52nd Annual General Meeting of the company, he said GOIL witnessed a difficult year in 2020 due to the corona virus pandemic, which led to massive economic downturn.
Mr. Bartels said, “the company’s profit after tax was 90.03million down by 14.5% compared to the previous year, consequently earning per shared also fell by 14.5% despite the fall, the board has decided to pay a dividend by the same amount as that of last year.”
He reiterated the company’s commitment to continue to provide valuable products and services to its stakeholders, and also implement programs to maintain its position as the leading oil marketing company in the country.
Kwamena Bartels said GOIL had put in place initiatives especially in the area of technology to boost its operations.
The Managing Director and Group CEO of GOIL, Kwame Osei Prempreh expressed optimism that the company’s revenue is likely to increase this year because of the capital-intensive investments they have embarked on.
“If we are able to complete the bitumen plant and start sales by October, if the auto gas come on board, considering that there will be no lockdown in 2021, we believe that our profit will go up.”
