Ghana Oil Company Limited's (GOIL) earnings per year increased from approximately 17 Pesewas per share to 21 Pesewas per share in 2018, which according to the company, speaks for an increase in dividend payment. These remarks were made by the Board Chairman, Honorable Kwamena Bartels at the 50th Annual General Meeting held in Accra on 23rd May, 2019.

He also disclosed that the company in December 2018, gained its ISO  (International Organization for Standardization) certification that is ISO 14001:2015 Environmental Management System  (EMS).

Mr Bartels said that the company's stocks closed at GHC2.9 in December 2018 as compared to a share price of GHC5 per share in April 2018 which he attributed to the reforms in the banking sector. He said the company's interest in increasing shareholders-value prompted the acquisition of more service stations bringing the number to about 300 from a little over a 100 stations.

The establishment of the company's subsidiary GOENERGY, a bulk distribution company resulted in better financial results.  GOIL made a consolidated profit of GHC81.9 million in 2018, a 26 per cent increment of the previous figure of 20 per cent per year average. The company's assets also grew by 30 per cent from GH1.036 billion to GHC1.346 billion.

As part of expansion efforts in 2019, GOIL, he noted, is working on the construction of a Bitumen plant, 3 LPG Gas-Re-circulation Plants in Tema, Kumasi and Tamale as well as training of employees overseas to bring their competencies to a level where they can take advantage of innovations in the industry. They have also integrated their e-payment platforms to offer better financial services.

In an interview, Mr Patrick Akpe Kwame Akorli, Group CEO and Managing director, said that the company's decision to change their name to GOIL is an addition to brand effect and will make it easier to conduct business. He said that the final decision  however will be made when all the shareholders agree to it.

He also noted that GOIL's partnership with Exonnmobil (an American multinational oil and gas corporation) as a contractor in oil exploration will promote growth for the company especially as it competes with both local and multi-national companies. The partnership is expected to offer GOIL a 5 per cent stake on all oil finds by Exonnmobil.