• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

GOIL’s net revenue surges to GHS 11.1bn in 2022, driving strong profit growth

3 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
88
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GOIL’s net revenue surges to GHS 11.1bn in 2022, driving strong profit growth

State-owned Oil Marketing Company, Goil, has posted a strong profit of GHS 81m at the close of the 2022 financial year, up from the previous year’s profit of GHS 61m.

The OMC’s net revenue also saw a significant increase, rising from GHS 4.3bn in 2021 to GHS 11.1bn in 2022. These positive results were driven by the company’s focus on operational efficiency and cost management, as well as favorable market conditions.

The OMC’s retained earnings as at end 2022 stood at GHS 356m, a healthy increase from the previous year’s figure of GHS 296m. Of these retained earnings, the company has proposed a final dividend of GHS 0.056 per share for shareholders, amounting to GHS 21.9m for the year ended 2022.

Total assets of the OMC at end-December 2022 stood at GHS 3.6bn, representing a significant increase from the previous year’s figure of GHS 2.09bn. This is a reflection of the company’s continued investment in its operations, including the expansion of its retail network and the acquisition of new assets to support its growth.

However, it is worth noting that the OMC’s total liabilities also saw a significant increase, rising from GHS 1.59bn in the previous year to GHS 3.05bn at end-2022 driven largely by increments in current assets which grew to GHS 2.9bn at end-2022 from GHS 1.4bn at end-2021.

Overall, the OMC’s strong financial performance in 2022 is a testament to the company’s sound management practices and strategic focus on growth and profitability. With a solid financial foundation and a clear growth strategy, the OMC is well-positioned to continue delivering value to its shareholders and customers in the years ahead.

RelatedPosts

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

Tags: driving strong profit growthGOILGoil's net revenue surges to GHS 11.1bn in 2022net revenue
No Result
View All Result

Highlights

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

Ghana Health Service, PharmAccess ink MoU to roll out SafeCare Nationwide for Quality Healthcare Improvement

Cedi@60: Finance Minister Reiterates Call for Exclusive Use of Cedi in Domestic Transactions

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

Trending

Features

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

October 28, 2025

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️ Nestlé Ghana will soon launch a new...

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

October 28, 2025

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

October 28, 2025

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

October 28, 2025

Ghana Health Service, PharmAccess ink MoU to roll out SafeCare Nationwide for Quality Healthcare Improvement

October 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.