PRESS RELEASE: GOIL GETS NEW MANAGING DIRECTOR

GOIL INCREASES PROFIT BY 26 PERCENT, APPROVES EXXON MOBIL PARTNERSHIP DEAL

GOIL, made a consolidated profit after tax of GH₵81.9 million. The company has also, by resolution at its Annual General Meeting in Accra, changed its name from Ghana Oil Company Limited to GOIL Company Limited.

The Annual General Meeting which was the 50th was addressed by the Board Chairman of the Company, Kwamena Bartels.

“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 GH₵81.9 million, up by 26%. The assets of GOIL, as a group grew by 30%, from GH₵1,036 billion to GH₵1,346 billion, he told shareholders

Earnings per share increased from approximately 17 pesewas per share to 21 pesewas per share”, KwamenaBartels reported.

As a result, the Board of Directors approved a dividend of GH₵0.042 per share, 50% increase over that of the year 2017”.

The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of deep water Cape three Points oil field.

On issues of Health, Security, Safety and Environment, Kwamena Bartels said, GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operate. Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal. Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack were rampant

Mr. Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.

The Group CEO and Managing Director, Mr Patrick AKorli who is retiring after over 23 years of service, assured shareholders the company was on the path of growth.

He noted that GOIL is embarking on major diversification of portfolio to boost profitability and ensure a solid future. He therefore asked shareholders to continue to believe in GOIL.

To tap his rich and immense experience, Mr. Patrick Akorli assumes a new role as the Board Chairman of Go Energy, the subsidiary Bulk Distribution Company of GOIL.

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GOIL BOARD CHAIRMAN GRABS TOP ENTREPRENEURS AWARD

The Board Chairman of GOIL, Mr. Kwamena Bartels, has been awarded the “Outstanding Board Chairman of the year 2018” at the 9th Entrepreneur and Corporate Executive Awards in Accra.

A citation accompanying the award mentioned the provision of quality leadership leading to strong financial performance of GOIL. The citation also recognized Mr. Bartels’ visionary leadership and direction to the company which has ensured sustained growth and profitability.

Other award winners included Dr. John Ofori Tenkorang, The Director General of SSNIT and Mr. Santokh Singh, Managing Director of Multi TV, who won in other categories.

The awards program was organized by the Entrepreneurs Foundation of Ghana.

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GOIL SPONSORS KWAHU EASTER MARATHON

The 2019 Easter Kwahu Marathon has ended with William Amponsah winning the 42km race for the male category and Abdulai Ramata winning the female category.

GOIL was a major sponsor of the event which attracted a large number of participants including at least 8 foreign nationals. This was the 2nd edition of the Easter Kwahu Mountain Marathon which started from Atibie and covered a 42km distance to Abene, the palace of the Kwahu Chief.

Participants were refreshed with GOIL- branded water during the race and later rewarded with corporate souvenirs.

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DAWEHNYA SERVICE STATION CELEBRATES ONE YEAR WITH CUSTOMER BONANZA

Dawehnya Service station Celebrates One Year with Customer Bonanza

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GOIL Sponsors 2019 Kwahu Marathon.

GOIL is partnering the Kwahu Traditional Council (KTC), to organise the 2019 Kwahu Easter Mountain Marathon slated for April 20, in Kwahu.

The 2019 Kwahu Easter Mountain Marathon, is the second edition, since its inception last year.

The 42.2 kilometer race, will commence at Nkawkaw, through Obomeng, Mpreaso, Nkwakia, Abetifi and end at the Kwahuhene Palace, Abene.

Speaking at the launch of the event, at the Palace of the Kwahuhene, in Abene, Kwahu, Nana Baffour Agyare Yeboah Asuamah, Manwerehene of Kwahu Traditional Council (KTC), said the Kwahu Easter Mountain Marathon will serve as a major tool for boosting tourism in the area.

He said, Kwahu was major tourism spot in the country and there was the need to open the area up for people to explore through sporting activities such as the Marathon.

“We are delighted with this Marathon which is in the second year and there seems to be growing interest in the event for both local and international athletes.

“We are looking forward to a greater event this year and we would use it as an opportunity to tell the world about tourism potentials,” he added.

This is the second year GOIL is supporting the Marathon.

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