GOIL records net loss of GHS 20.8m despite GHS 3.1bn revenue growth
Ghana’s state-owned Oil Marketing Company, Goil, has recently released its financial statements for the first quarter ending March 31, 2023. Despite recording an impressive growth in net revenue, the company’s net profit dropped by 50% to GHS 20.9m from the previous figure of GHS 41.8m. In a year that has been challenging for many businesses, Goil’s net loss of GHS 20.8m could be attributed to various factors such as increased competition and economic uncertainties.
However, Goil’s management remains optimistic about the future, highlighting the company’s operational efficiency and cost management as key drivers of the positive results. The company’s focus on these areas enabled it to record an increase in net revenue from GHS 1.7bn in Q1 2022 to GHS 3.1bn in Q1 2023, a clear indication of the company’s growth and progress in a challenging operating environment.
Despite the net loss, Goil’s management has proposed a final dividend of GHS 0.054 per share for its shareholders. While this dividend figure represents a decrease from the previous year’s figure of GHS 0.107 per share, it is still a positive gesture towards the company’s shareholders, who have supported the company through the ups and downs of the business environment.
Goil’s total assets at the end of Q1 2023 stood at GHS 3.7bn, representing a significant increase from the previous year’s figure of GHS 3.3bn. This growth in assets 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, the company’s total liabilities also saw a significant increase, rising from GHS 2.71bn in the previous year to GHS 3.03bn at the end of Q1 2023. This increase in liabilities was driven largely by increments in current assets, which could be a cause for concern if not well managed.
Looking forward, Goil’s management will need to focus on addressing the challenges that have led to the company’s net loss while leveraging the company’s strengths to take advantage of emerging opportunities in the market. As the business environment continues to evolve, Goil will need to remain agile and responsive to market changes to sustain its growth and profitability.
