GOIL PLC recorded a modest increase in profit for the period ended June 30, 2026, despite reporting a slight decline in group revenue.

The petroleum marketing company generated group revenue of GH¢9.22 billion, representing a 1.2% decrease from the GH¢9.33 billion recorded during the corresponding period in 2025.

Despite the lower revenue, GOIL’s gross profit increased by 14.2%, rising from GH¢383.90 million to GH¢438.29 million. This lifted the company’s gross profit margin from approximately 4.1% to 4.8%, indicating an improvement in the profitability of its core sales activities.

However, the company reported negative sundry income of GH¢18.56 million, compared with positive sundry income of GH¢58.51 million in the previous year. General, selling and administrative expenses also increased slightly to GH¢273.95 million, from GH¢268.10 million.

As a result, operating profit before financial charges declined by 16.4% to GH¢145.78 million, compared with GH¢174.30 million in 2025.

The impact of the lower operating profit was partly offset by a significant reduction in financing costs. Financial charges fell by 44.6%, from GH¢73.66 million to GH¢40.81 million.

This helped GOIL’s profit before tax increase by 4.3% to GH¢104.97 million, from GH¢100.64 million a year earlier.

After accounting for taxation of GH¢29.24 million, group net profit attributable to shareholders rose by 3.3% to GH¢75.72 million, compared with GH¢73.30 million in the same period of 2025.

Earnings per share consequently increased from GH¢0.187 to GH¢0.193. The calculation was based on 391.86 million shares in issue during the period.

Balance sheet expands

GOIL’s total assets increased by 7.3% to GH¢5.32 billion, up from GH¢4.96 billion in 2025.

Property, plant and equipment rose to GH¢1.94 billion, while accounts receivable increased to GH¢2.66 billion. Cash and bank balances also improved significantly, rising by 52.2% to GH¢274.54 million.

The group’s total shareholders’ equity increased by 10.3% to GH¢1.07 billion, supported by the profit generated during the period and an increase in income surplus.

Total current liabilities, however, rose to GH¢3.89 billion, from GH¢3.77 billion. Accounts payable increased to GH¢3.50 billion, while the non-current portion of term loans climbed to GH¢361.90 million from GH¢222.13 million.

Operating cash flow weakens

GOIL generated GH¢185.26 million in net cash from operating activities, considerably lower than the GH¢451.73 million recorded in the comparable period of 2025.

The group spent GH¢115.80 million on fixed assets and recorded net investing cash outflows of GH¢151.64 million.

After financing activities, GOIL ended the period with positive cash and cash equivalents of GH¢2.73 million, compared with a negative GH¢239.29 million in the prior-year period. The figure includes cash, short-term investments and bank overdrafts.

GOIL’s results show that improved gross profit and sharply lower financing costs helped the group deliver higher net earnings despite weaker revenue, lower operating profit and a significant decline in operating cash flow.

The company also disclosed that its total investment in African Bitumen Terminal Limited, a joint venture in which GOIL owns a 60% interest, amounted to approximately GH¢264.30 million. The joint venture is expected to focus on the production, sale and marketing of bitumen and related services.