GOIL Reports 54.8% Profit Growth in 2024 with Dividend Declaration

GOIL PLC, one of Ghana’s biggest oil marketing companies, has announced a massive 54.8% profit increase for 2024. This is great news not just for the company, but also for shareholders and the Ghanaian economy as a whole.

Let’s explain what happened in simple terms — and why it matters.

GOIL’s Profit Jumps to GH₵84.7 Million in 2024

In 2024, GOIL made a profit of GH₵84.7 million, compared to GH₵54.7 million in 2023. That’s a huge improvement, even though the company had to deal with higher costs.

GOIL also:

• Increased its total assets to GH₵4.8 billion (a 20% rise)
• Grew its current assets (like cash and receivables) by 34%
• Improved its earnings per share (EPS) from GH₵0.140 to GH₵0.216 — a 54.3% increase

These numbers show that GOIL is growing stronger financially.

What Helped GOIL Make More Money?

Here are some reasons behind GOIL’s strong performance in 2024:

• Smart spending: Even though costs went up, the company managed its money wisely.
• Better sales: GOIL sold more fuel and other products, which brought in more revenue.
• New strategies: The company focused on expanding and improving services.

Despite a 20% increase in finance costs and an 11.2% rise in operational expenses, GOIL still made more profit. That’s a sign of strong leadership and a good business model.

Shareholders to Receive Dividends in 2025

If you’re a GOIL investor, here’s the good news:

The company has proposed a dividend of GH₵0.056 per share for 2024. That means shareholders will be paid a portion of the profits — a total of GH₵21.94 million will go to investors.

This shows that GOIL is committed to rewarding those who believe in its long-term growth.

GOIL Plans for 2025: Bigger Projects Ahead

During its 56th Annual General Meeting, GOIL shared big plans for the future:

1. Two new LPG bottling plants will be built in Tema and Kumasi to support the government’s Cylinder Recirculation Model. These plants will have a combined storage capacity of 1,200 metric tonnes.
2. GOIL will focus more on special sectors like aviation fuel, mining services, and auto-gas — all of which can boost revenue.

These projects are expected to create jobs and improve access to clean, safe energy.

What to Watch Out For

Even though GOIL had a strong year, there are still challenges ahead:

• Fuel sales volumes may fluctuate due to market competition.
• Debt and finance costs are rising, which means GOIL must manage borrowing carefully.

Still, the outlook remains positive, especially as Ghana’s economy stabilizes and fuel demand rises.

What This Means for You

If you're a:

• Ghanaian citizen – This success story proves local companies like GOIL can compete and win.
• Investor – GOIL is showing signs of strong growth, consistent dividend payments, and long-term potential.
• Job seeker – New projects and investments could create more opportunities in the energy sector.

GOIL’s strong performance in 2024 is a big win for the company, its shareholders, and the country. With plans to expand and improve services, GOIL is positioning itself as a leader in Ghana’s energy future.

If you want to know more about GOIL shares or how to invest in Ghana's stock market? Drop a comment or message — let’s make finance simple together!