GOIL PLC (GOIL) reported substantial profit growth for the nine months ending September 30, 2025, with group net profit reaching GH₵83.09 million compared to GH₵59.38 million during the same period in 2024. The Ghana Stock Exchange (GSE) listed petroleum marketing company released its unaudited financial statements on Monday, showing improved performance despite challenging market conditions.
The company’s revenue for the period totaled GH₵13.24 billion, representing a modest decline from GH₵14.34 billion recorded in 2024. Cost of sales decreased proportionally to GH₵12.69 billion from GH₵13.69 billion, resulting in a gross profit of GH₵548.42 million. Managing Director Edwin Hainbiro Basya and Board Chairman Nana Phil Archer signed off on the results dated November 2, 2025.
Operating profit before financial charges climbed 27 percent to GH₵222.96 million compared to GH₵175.00 million in the prior year period. The improvement came despite increased general, selling, and administrative expenses which totaled GH₵389.06 million. Financial charges for the period stood at GH₵104.26 million, up from GH₵95.83 million in 2024.
Earnings per share rose to GH₵0.212 from GH₵0.177 year over year, based on 391.86 million shares in issue. The company’s standalone performance also showed positive momentum, with company net profit reaching GH₵20.25 million versus GH₵15.46 million previously.
GOIL’s balance sheet strengthened during the period with total assets reaching GH₵5.25 billion compared to GH₵5.06 billion at the end of 2024. Shareholders’ equity increased to GH₵977.17 million from GH₵886.17 million, reflecting the company’s retained earnings growth. The income surplus component of equity rose to GH₵726.30 million from GH₵643.82 million.
Cash flow management proved challenging during the quarter. The company recorded net cash outflows from operating activities of GH₵368.60 million compared to positive cash generation of GH₵696.25 million in 2024. This shift resulted primarily from changes in working capital requirements as the petroleum sector navigated pricing volatility.
Total current assets increased to GH₵3.35 billion driven largely by higher stock levels of GH₵2.02 billion. Accounts receivable reached GH₵904.15 million while cash and bank balances stood at GH₵359.46 million. The company maintained short term investments of GH₵13.42 million.
GOIL’s investment portfolio includes wholly owned subsidiaries Goenergy Limited, GOIL Upstream Limited, GO Financial Services Limited, and Gobitumen Limited. The company also holds a 60 percent stake in African Bitumen Terminal Limited (ABTL), a joint venture with Societe Multinationale De Bitumes (SMB) of Cote d’Ivoire established in November 2023.
The ABTL joint venture focuses on production, sales, and marketing of bitumen and related services. GOIL accounts for this investment using the equity method under International Financial Reporting Standards (IFRS) 11, with total investment including equity and shareholder loans amounting to GH₵264.30 million.
Current liabilities totaled GH₵4.01 billion, including accounts payable of GH₵3.34 billion and bank overdraft facilities of GH₵533.01 million. The company reduced its term loan obligations significantly, with the current portion falling to GH₵94.47 million from GH₵306.73 million previously.
GOIL operates from its registered office at D659/4 Kojo Thompson Road in Accra and specializes in marketing petroleum and allied products across Ghana. The Government of Ghana owns 34.23 percent of the company’s shares while the remaining 65.77 percent are held by individuals and corporate entities.
The financial statements were prepared in accordance with IFRS standards and historical cost convention, except for financial instruments measured at fair value. Depreciation charges included in selling and administrative expenses totaled GH₵50.59 million for the period.
Source: newsghana.com.gh
