The Bulk Oil Storage and Transportation Company Ltd. (BOST) has recorded GH¢160,718,361 million net profit after tax in the 2021 financial year after a loss of GH¢ 291, 017, 758 in 2020.
This phenomenal increase in net profit comes after the company had recorded losses for 11 consecutive years.
BOST board chairman, Ekow Hackman, announced this at the maiden Annual General Meeting (AGM) held by the company in Accra yesterday.
He said “Inspite of the general economic climate for 2021, I am pleased to inform you that BOST achieved a net profit after tax for the 2021 financial year of Gh¢160,718,361million after all provisions, this compared to Gh¢ 291, 017, 758 in 2020.”
According to him, the operational profit of the company increase from Gh¢1, 918,215 in 2020 to GH¢163, 871,810 with a significant increase in its core gasoline and gas oil sales revenue of 83 percent.
This, he explained, was due to improved financing arrangements for petroleum products as well as effective customer engagement and retention initiatives aimed at improving the company’s market share.
“Revenue from Gasoline sales increased by 14.4 per cent from Gh¢140 million to Gh¢341 million with diesel sales also increasing by 46 percent from Gh¢227 million to GH¢331 million,” he noted
He indicated that to help with the continuation of the company, strategic goals, BOST intends to construct LPG tanks at Tema, Kumasi, Takoradi and Buipe as new activity to boost revenues while supporting government effort to create jobs for the youth
He noted, “the Tema to Kumasi Pipeline where we shall engage a suitable development partner to deliver the project to ensure that our transportation revenue becomes the number one income stream for the company”.
Minister for Energy, Mathew Opoku Prempeh, reiterated the government’s commitment to transform the energy sector by ensuring enough stocks to sustain the company by saving consumers from high petroleum prices.
He said that while most African countries have experienced fuel shortage, Ghana still had fuel due to some important national asset of the country like GOIL BOST and TOR.
This phenomenal increase in net profit comes after the company had recorded losses for 11 consecutive years.
BOST board chairman, Ekow Hackman, announced this at the maiden Annual General Meeting (AGM) held by the company in Accra yesterday.
He said “Inspite of the general economic climate for 2021, I am pleased to inform you that BOST achieved a net profit after tax for the 2021 financial year of Gh¢160,718,361million after all provisions, this compared to Gh¢ 291, 017, 758 in 2020.”
According to him, the operational profit of the company increase from Gh¢1, 918,215 in 2020 to GH¢163, 871,810 with a significant increase in its core gasoline and gas oil sales revenue of 83 percent.
This, he explained, was due to improved financing arrangements for petroleum products as well as effective customer engagement and retention initiatives aimed at improving the company’s market share.
“Revenue from Gasoline sales increased by 14.4 per cent from Gh¢140 million to Gh¢341 million with diesel sales also increasing by 46 percent from Gh¢227 million to GH¢331 million,” he noted
He indicated that to help with the continuation of the company, strategic goals, BOST intends to construct LPG tanks at Tema, Kumasi, Takoradi and Buipe as new activity to boost revenues while supporting government effort to create jobs for the youth
He noted, “the Tema to Kumasi Pipeline where we shall engage a suitable development partner to deliver the project to ensure that our transportation revenue becomes the number one income stream for the company”.
Minister for Energy, Mathew Opoku Prempeh, reiterated the government’s commitment to transform the energy sector by ensuring enough stocks to sustain the company by saving consumers from high petroleum prices.
He said that while most African countries have experienced fuel shortage, Ghana still had fuel due to some important national asset of the country like GOIL BOST and TOR.