Ghana Oil Company Limited (GOIL), the largest indigenous Ghanaian oil marketing company, has demonstrated that homegrown companies could succeed in healthy business environment even with the presence of multinationals.
Patrick Akorli, GOIL Managing Director, in an interview with Ghana News Agency (GNA) at the weekend, noted that despite stiff competition in the downstream oil industry, GOIL was able to stand firm because of internal reforms and key partnerships lined up to position the company to deliver.
He said the company’s performance last year had been acknowledged by the Chartered Institute of Marketing, Ghana (CIMG) and adjudged accordingly as the Petroleum Company of the year, 2012.
He said indigenous companies have the capacity and capabilities to move beyond the breakeven point, adding, “We are proud to have contributed GH¢72.979 million to government of Ghana, which is the majority shareholder of the company.
“GOIL’s performance in terms of growth in volumes of sales went above its average growth rate of five per cent. From one per cent growth in 2011 sales volumes increased by 11 per cent in 2012.”
A citation, which accompanied the award, read: “Your rebranding in the year under consideration has given GOIL a new image in the oil industry with a new logo, visual outlook and image backed by positive attitude towards work.
“You have enjoyed massive support from customers culminating in an increased patronage of your brand, with overall result of six per cent growth over the past year of five per cent.
“Your community support programmes continue to positively effect and transform lives of beneficiary communities and your clients take due cognizance and highly rank you on that.
“These sterling performances have not gone unnoticed and thus the CIMG confers on Ghana Oil Company Limited (GOIL), Petroleum Company of the year 2012”.
Mr. Akorli said the rebranding of the company was paying off currently, stressing that the retooling of GOIL’s retail outlets which is the most critical of our operations and the retraining of service station attendants had been key in making GOIL the preferred choice of the motoring public.
“GOIL’s vision to be a world-class provider of goods and services is on course and the motoring public will always remember that GOIL is Good Energy,” he stated.
He said GOIL’s profit after tax last year grew by 19 per cent with earnings per share improving by 18 per cent.
Mr Akorli dedicated the award to GOIL’s Board of Directors, staff, shareholders and retailers for their sense of duty and commitment to the goals of the company.
He noted that GOIL’s plan to be the oil marketing company of choice in the country was on course and the future definitely looked brighter.