Energy

GOIL maintains dividend payout to shareholders despite challenging year

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GOIL PLC has announced that it will maintain its dividend payout to shareholders, despite a difficult operating year. The decision was made at the company’s 55th Annual General Meeting in Accra, where a dividend of GH¢0.056 per share was declared, totalling GH¢21,944,335.

Reginald Daniel Laryea, Board Chairman of GOIL PLC, attributed the company’s ability to maintain dividend payments to its sound financial, operating, and marketing strategies. Despite facing challenges such as high operational costs, inflationary pressures, and industry-wide product quality issues, GOIL PLC achieved a modest profit of GH¢54.7 million.

The company’s consolidated non-current assets, including property, plant, and equipment, grew by 14.58% to GH¢1.6 billion in 2023. GOIL PLC has also invested in a fully operational Bitumen plant and two LPG Cylinder Recirculation Plants, which are expected to be completed in 2025.

The company’s future prospects look bright, with a new farm-out agreement signed after ExxonMobil’s exit from the Deepwater Cape Three Points block. Shareholders can expect improved dividends next year, according to Group CEO/MD Osei Kwame Prempeh.

The 55th GOIL AGM was attended by board members, management, shareholders, and industry representatives.”

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