Page 11 - AfrOil Week 26 2022

AfrOil PERFORMANCE AfrOil

Specifically, he described the country’s persis- keep it there, Sylva said.
tent failure to produce the full amount allotted “By end of August generally, the commit-
as “very sad for us.” ment is that we’re at least going to produce our
Operators working in Nigeria are hoping to OPEC quota and then of course look at going
bring output up to the level of the quota within even beyond that after August,” he told report-
the next couple of months and will then strive to ers. ™

Ghana Oil reports net profit up

by 9% y/y to $12.5mn in 2021

GHANA GHANA Oil Company Ltd (GOIL), a leading GhS98.74mn, up by 9% compared to the year
oil and gas marketer, has announced significant 2020,” said board chairman Reginald Daniel
growth in the company’s operations, including Laryea. “However, the company is yet to achieve
in net profit, the volume of fuel sold and total a figure higher than the corresponding figure
assets on its books for the year 2021. registered prior to the year 2020, which was
The only Ghanaian major in the downstream approximately GHS105mn.”
petroleum sector, GOIL netted GHS98.74mn Earnings per share increased from GHS
($12.5mn) last year, up 9% year on year. The 0.23 to GHS 0.253. Total assets increased from
company announced at its annual general GHS2.1bn to approximately GHS2.5bn. ™
meeting (AGM) in Accra on June 15 it is pay-
ing a dividend of GHS0.047 per share, which is
a marginal increase compared to the GHS0.045
in 2020. GOIL’s total assets also saw an increase
from GHS2.1bn to GHS2.5bn in the year under
review.
The volume of fuel sales reached approxi-
mately 886.6mn litres, which represents an 11%
y/y increase. The biggest contribution to sales
revenue came from its two main products, “die-
sel” and “super” of which its Ron 95 variety is the
market leader.
Other products such as lubricants and spe-
cialised sales to specific industries including
mines and bunkering achieved mixed results,
although positive.
“GOIL’s financial performance showed
signs of recovery, registering a profit after tax of GOIL’s net profits, earnings per share and assets went up in 2021 (Photo: GOIL)

LPG consumption rising in Zimbabwe

due to inadequate power supplies

ZIMBABWE ZIMBABWE consumed about 50mn kg of increasingly turning to LPG for cooking.
LPG in 2021, up from just 1mn kg in 2017, “LP gas consumption has improved signifi-
state-owned daily The Herald reports, citing the cantly in the last five years reaching 50mn kg,
industry regulator. which pushed us to start regulating the sector,”
Norbert Mataruse, consumer services man- he said, noting that ZERA had started regulating
ager of Zimbabwe Energy Regulatory Authority LPG in August 2021 in light of rising demand.
(ZERA), told a retailers’ conference on June 21 Zimbabwe experiences regular power cuts,
that the country was not yet self-sufficient in as its small and ageing generating facilities are
terms of electricity supply, so consumers were struggling to meet demand.

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