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MarketScreener Homepage  >  Equities  >  GHANA STOCK EXCHANGE  >  Ghana Oil Company Limited    GOIL   GH0000000722

GHANA OIL COMPANY LIMITED

(GOIL)
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Ghana Oil : GOIL enters West Africa petroleum market

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05/30/2019 | 02:53pm EST

ByKodjo Adams/Jessika Dele Akakpo, GNA

Accra, May 30, GNA - Mr Patrick Kwame AkpeAkorli, Group Chief Executive Officer of GOIL Company Limited on Thursdayannounced that the Company as part of its strategic plans intends to expand itspresence in West Africa.

“GOIL as part of a broader strategic plan tobecome a major player in the petroleum industry will construct a bitumen plant,three LPG Gas-Recirculation Plants in Tema, Kumasi, and Tamale.

“We are also entering into the mining sectorand aviation sectors, we want to transfer our dominance in the roadsector-transport, to cover air-aviation, sea-port and other sectors whilstentering into other West African countries to provide them with better Africanindigenous service,” he said.

Mr Akorli was speaking at the Facts Behindthe Figures Programme organised by the Ghana Stock Exchange (GSE) in Accra. The“Facts Behind The Figures” programme is a platform provided by GSE to meetbrokers, the media, institutional investors and other key players in the moneymarket.

Breaking the facts behind GOIL’s advancementover the years and focusing on the 2018 physical year, Mr Akorli also known asTorgbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region, said GOIL made aconsolidated profit after tax of GH¢ 81.9 million up by 26 per cent for theyear ending December 31 2018.

The company, which recently changed its namefrom Ghana Oil Company Limited to GOIL Company Limited’s profit after tax hits20 per cent per year on average in the year under review, 2018.

The assets of the company as a group grew by30 per cent, from GH¢ 1,036billion to GH¢ 1,346billion.

Mr Akorli who is also the GOIL ManagingDirector said the company had been the stabilizing factor against arbitrarychanges in the price of fuel in the country, which could have resulted fromunstable world market price of fuel and foreign exchange fluctuations duringthe year 2018.

He said the company invested in technologyand won the custom of several organisations as a result of improvement in theoperations of both electronic card and coupon payment system.

The company won the CIMG Petroleum Companyof the Year for the third consecutive year, ranked number two in the GIPC Club100 award, the third largest company in Ghana as well as the second-best listedcompany on the Ghana Stock Exchange.

Touching on corporate social responsibility,Mr Akorli said the company had constructed a multi-purpose mechanizedbore-holes for Asemnyinaakrom, and Achiase in the Bia East District.

The company also donated to the AccraRehabilitation Centre, Accra Psychiatric Hospital, Ankaful PsychiatricHospital, Village of Hope Orphanage, Ho cured lepers and Teshie Orphanage.

He added that the company had supported theGraft Foundation to provide free reconstructive plastic surgery to the needy toenable them regain confidence and accepted back into society.

Mr Alex Josiah Adzew, GOIL Chief OperatingOfficer, said the company was preparing to venture into the upstream sector todiversify and expand its activities.

He said the company had integrated itse-payment platform with that of the national payment system.

Mr Adzew explained that besides being ableto use bank card on point of sale terminals deployed by banks at the servicestations, the holder of a bank card can directly interact with GOIL’s e-paymentwithout hustle.

GOIL recently held its 50th Annual GeneralMeeting in Accra at which shareholders overwhelmingly endorsed its strategicplan and lauded its expansion plans.

GNA

(c) 2019 Ghana News Agency (GNA) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (GHS)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 3,95%
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 694 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 4,56  GHS
Last Close Price 1,77  GHS
Spread / Highest target 158%
Spread / Average Target 158%
Spread / Lowest Target 158%
EPS Revisions
Managers
NameTitle
Kwame Osei-Prempeh Chief Executive Officer, Director & MD
Kwamena Bartels Chairman
Alex Josiah Adzew Chief Operating Officer
Kwabena Adjei Head-Finance
John B. Tagoe Head-Technical & Special Products
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