ZEN Petroleum Holdings PLC recorded a profit after tax of GH¢96.56 million for the three months ended June 30, 2026, according to its first unaudited financial statements released following its listing on the Ghana Stock Exchange.

The petroleum company generated revenue of GH¢1.78 billion during the quarter, while cost of sales amounted to GH¢1.61 billion. This resulted in a gross profit of GH¢165.37 million and a gross profit margin of approximately 9.3%.

Selling, general and administrative expenses stood at GH¢73.59 million, while the company earned other income of GH¢45.74 million.

ZEN Petroleum consequently reported profit before tax of GH¢137.52 million. After an income tax expense of GH¢40.96 million, profit for the period settled at GH¢96.56 million, representing a net profit margin of approximately 5.4%.

Basic and diluted earnings per share were both reported at GH¢0.15. The company also recognised foreign currency translation gains of GH¢5.38 million, bringing total comprehensive income for the quarter to GH¢101.93 million.

Assets reach GH¢1.88 billion

ZEN Petroleum closed the reporting period with total assets of GH¢1.88 billion.

Current assets accounted for GH¢1.36 billion of the total and included inventories of GH¢656.09 million, trade and other receivables of GH¢410.61 million, current tax assets of GH¢183.63 million and cash and cash equivalents of GH¢112.63 million.

The company’s non-current assets amounted to GH¢513.35 million, with property and equipment accounting for GH¢486.17 million. Right-of-use assets stood at GH¢23.44 million, while goodwill and intangible assets were GH¢2.91 million and GH¢827,000 respectively.

Total liabilities stood at GH¢838.07 million, comprising GH¢806.07 million in trade and other payables and GH¢32 million in non-current liabilities.

Shareholders’ equity reached GH¢1.04 billion, supported by share capital of GH¢615.81 million, retained earnings of GH¢366.45 million and a translation reserve of GH¢55.97 million.

Share issuance strengthens equity position

During the quarter, ZEN Petroleum issued shares that generated GH¢640 million in gross proceeds. After accounting for share issuance costs of GH¢24.27 million, the transaction added GH¢615.73 million to share capital.

The company also paid dividends of GH¢600 million during the period.

Total equity consequently increased from GH¢320.57 million at the beginning of April 2026 to GH¢1.04 billion at the end of June.

Operating activities record cash outflow

Despite reporting a profit, ZEN Petroleum recorded net cash used in operating activities of GH¢10.58 million.

Cash generated from operations before tax payments was GH¢21.01 million. However, the company paid GH¢31.59 million in taxes during the quarter.

The operating cash position was affected by a GH¢118.22 million increase in inventories and an GH¢85.78 million increase in trade and other receivables. These movements were partly offset by a GH¢139.37 million increase in trade and other payables.

Investing activities generated net cash of GH¢10.56 million. The company spent GH¢24.22 million on property and equipment but received GH¢34.46 million from the sale of property and equipment.

Financing activities generated net cash of GH¢15.73 million after proceeds from the share issuance were offset by the dividend payment and issuance costs.

Cash and cash equivalents increased by GH¢15.70 million during the quarter, rising from GH¢96.39 million at the beginning of April to GH¢112.63 million at the end of June.

First reporting period

ZEN Petroleum Holdings was incorporated on December 9, 2025, and operates as the holding company for a group involved in the sourcing, storage, transportation and distribution of fuels and lubricants.

Its subsidiaries include ZEN Petroleum Limited, ZEN Terminals Limited, Astra Oil Services Limited, Ladybird Logistics Limited and ZEN Transport Limited.

The group principally serves mines, filling stations, related parties and other customers requiring fuel, lubricants, storage and transportation services.

The company explained that the quarter ended June 2026 represents its first reporting period. As a result, the financial statements do not include figures from a corresponding previous period, making it impossible to calculate year-on-year revenue or profit growth from the published report.