Ghana Oil Company Limited now GOIL Company Limited
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Shareholders of Ghana Oil Company Limited have approved a name change for the firm. It will henceforth be known as GOIL Company Limited.
This was part of the resolution made at the 50th Annual General Meeting of the company.
The new name is expected to reflect the direction of the company and make it distinct.
The AGM also approved a proposal for GOIL to be the local content partner of Exxon Mobile Exploration and Production Ghana (Deepwater) Limited through its wholly-owned subsidiary GOIL Offshore Company Limited in its exploration activities in respect of Deepwater Cape three-point Block Offshore of Ghana.
The indigenous Oil Marketing Company, made a consolidated profit after tax of GHS81.9 million. The Board Chairman of GOIL, Kwamena Bartels said, “Over the last five years, the company’s profit after tax has grown 20% per year on average. In the year under review, 2018, GOIL made a consolidated profit after tax of GHS81.9 million, up by 26%. The assets of GOIL, as a group grew by 30%, from GHS1,036 billion to GHS1,346 billion.
“Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”, Kwamena Bartels reported.
As a result, the Board of Directors proposed a dividend of GHS0.042 per share, a 50% increase over that of the year 2017”.
Group Chief Executive Officer of GOIL Company Limited, Patrick Akpe Kwame Akorli who will be retiring this year has been appointed as the Chairman of the GOIL Group of Companies with specific focus on the GOENERGY subsidiary of the company.
Mr Akorli is expected to proceed on leave in June prior to his retirement from GOIL in November.
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