GOIL increases diversity by appointing one more female board member
GOIL has announced the appointment of Mabel Sarpong as a Board Member of the company, effective 16th February, 2021.
This would enhance skills and diversity on the board as the company seeks to overturn losses in the last year.
A statement issued by the Ghana Stock Exchange (GSE) said Mrs. Sarpong is an astute businesswoman and entrepreneur with experience spanning over 30 years.
Profile of Mrs Sarpong
Mabel has many years’ experience as an entrepreneur and a Board Member of multiple companies.
As the current Director of Belshaw Limited, she is responsible for setting the strategic direction of the company and ensuring that the company’s objectives of the company is met.
She has also served on the Board of OLAM Secondary School, where she contributed to the development of strategies for the implementation of the school’s policies.
As a member of the Tema Municipal Assembly, she was instrumental in the implementation of the objectives of the Tema Metropolis.
Mabel is involved in many charitable works in her personal capacity and as a member of the Women’s Empowerment Foundation, a foundation that makes regular donations to institutions such as the Korle Bu Teaching Hospital and The Tema General Hospital.
GOIL suffered a significant loss of profit and investor earnings due to the COVID-19 pandemic.
The Group’s profit after tax slumped to GH¢ 92.5 million from GH¢ 106.9 million, representing a 13.57 % drop, as COVID-19 wreaked havoc across the globe.
The company had posted steady growth in the last five years but took a nosedive in the last year.
There was a revenue shortfall to GH¢4.8 billion in 2020, as compared to GH¢6.2 billion in 2019, a reduction of 22%.
Consequently, earnings per share (EPS) was cut to GH¢0.236 from the previous year’s GH¢0.273, according to the firm’s 2020 unaudited financial statement.
GOIL has registered three subsidiaries; GOEnergy Company Limited, a Bulk Oil Distribution Company (BDC), which distributes petroleum products to Oil Marketing Companies (OMCs); GOIL Offshore Ghana Limited, an upstream subsidiary which has a partnership with Exxon Mobil Ghana Limited for exploration operations in Ghana’s Deep-water Cape Three Points Bloc, and GOIL Financial Services Limited, which provides an electronic payment system and aims to provide money transfer services.
The Shareholding structure is as follows:
GOVERNMENT OF GHANA 34.23%