GOIL GROUP Facts Behind the Figures Presentation to the Ghana Stock Exchange May 2019
Table of Content Introduction 3 1 6 2 Background of GOIL 12 3 Corporate Performance Strategic Direction 22 4 This document is prepared by Ghana Oil Company Limited 2
Introduction GOIL has over the years made significant strides in transforming itself from a near-moribund state enterprise to become the number one oil marketing giant in the country. Prior to 2007, the downstream sector of the petroleum industry was regulated and dominated by multinationals who controlled nearly 72% of the total market share. GOIL was not in the position to compete with these multinationals who were heavily supported by their parent companies abroad This was GOIL in the Past This document is prepared by Ghana Oil Company Limited 3
Introduction To be able to catch up with the competition and outperform the multinationals, there was the need for the company to embark on a new strategic direction, restructure its operations and rebrand to become a brand of choice for Ghanaians. From 2007, Management of GOIL embarked on a strategic road map to change the face of the company. The following strategic and tactical initiatives were adopted: Developed a 5 year strategic plan to guide the company in fulfilling its new objectives. Changed the company’s Vision and Mission in line with its new objectives. Listed the company on the Ghana Stock Market to raise capital for expansion Rebranded the company with a new logo to be identified as a brand of choice for customers. Value proposition that will identify the company as an indigenous OMC marketing quality petroleum products competitively. Changed service stations outlook New corporate culture dubbed “ Good energy comes with a Smile” Aggressive communication programme Increased the number of service stations spread across the country. Embarked on developing new infrastructure to support its operations to become a market leader These initiatives significantly changed the face of GOIL. This document is prepared by Ghana Oil Company Limited 4
Introduction This is GOIL today: This document is prepared by Ghana Oil Company Limited 5
Background of GOIL • Ghana Oil Company Limited (GOIL) was initially incorporated on June 14, 1960 as AGIP Ghana with AGIP SPA of Italy and SNAM SPA as shareholders. In December 1968, Hydrocarbons International of Zurich, Switzerland bought into the company. In 1974, the Government of Ghana acquired 100% shares and changed the name to Ghana Oil Company Limited. • It is registered with 1,000,000,000 shares of no par value out of which 391.86 million shares have been issued. • The Company has incorporated three subsidiaries currently being managed under the GOIL Group. This document is prepared by Ghana Oil Company Limited 6
Background of GOIL Our vision is to be a world-class provider of goods and services in the petroleum and other areas of the energy industry. VISION & Our mission is: MISSION to market quality petroleum and other energy products and services in all its branches in an ethical, healthy, safe, environmentally friendly and socially responsible manner. to produce and manufacture goods or provide services which enhance or support the marketing, distribution and sale of the company’s products and services This document is prepared by Ghana Oil Company Limited 7
Background of GOIL Subsidiaries Shareholding Structure Name of Shareholder Holdings GOENERGY Limited , a Bulk Oil Distribution Company (BDC), whose operations are to distribute Government of Ghana 34.23% petroleum products to Oil Marketing Companies Social Security and National Insurance Trust 25.00% (OMC’s) ; Bulk Oil Storage and Transport 20.03% GOIL Offshore Limited , an offshore company to Others 20.74% provide offshore bunkering facilities to rigs, vessels and Total 100% oil tankers as well as engaging in upstream activities. GO Financial Services Limited to provide electronic payment system and money transfer services. This document is prepared by Ghana Oil Company Limited 8
Background of GOIL The company's main business is marketing and distribution of petroleum products in Ghana. Bunkering Fuels Marketing LPG ATK Lubricants GoCard Bitumen This document is prepared by Ghana Oil Company Limited 9
BACKROUND OF GOIL Depots Marketing Arms Zonal Office North Zonal Office Zonal Office Upper Middle Tamale West Belt Buipe Zonal Office Middle Belt Zonal Office Kumasi Zonal Office Tema South East Tema Takoradi Zonal Office Accra South This document is prepared by Ghana Oil Company Limited 10 10
Background of GOIL HISTORICAL TIMELINE 2010 - 2012 2013- 2016 1974 1976 1960 1968 2007 2018 Government of The company was incorporated Conversion from Private Incorporation of: Ghana acquired as a Private Limited Liability Limited Liability Company shares of AGIP SPA Company on June 14, 1960 as to a Public Company and GOENERGY Limited and Hydrocarbons AGIP Ghana Company Limited. Listing on the Ghana GOIL Offshore Limited International The shareholders were AGIP Stock Exchange GO Financial Services Holdings SPA of Italy and SNAM S.P.A Special resolution is Rebranding started in passed and name of SNAM S.P.A. 2010, implemented in Company changed Partnered with 2011 and launched in transferred its shares to Ghana Oil ExxonMobil for 2012. Company Limited to Hydrocarbons upstream oil International Holdings exploration This document is prepared by Ghana Oil Company Limited 11
Corporate Performance PRODUCT PERFORMANCE Products Sales Volume (Metric Tonnes) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 - 2014 2015 2016 2017 2018 Gasoline 167,204 239,155 268,476 265,904 278,626 Diesel 192,678 266,516 285,913 264,581 261,988 ATK 16,117 15,881 12,212 14,607 15,477 MGO Bunkering 23,985 34,622 36,511 52,057 46,562 LPG 12,581 14,409 19,031 22,299 27,865 Product Market Share Ranking Petroleum Product 2014 2015 2016 2017 2018 2018 1 GASOLINE 14.9% 20.3% 24.7% 24.6% 22.2% 1 GASOIL 13.4% 16.4% 19.7% 22.0% 18.3% 4 ATK 16.2% 14.2% 9.2% 8.8% 7.7% 1 MGO Bunkering 25.1% 25.8% 18.7% 26.5% 38.0% 1 LPG 5.2% 5.1% 6.8% 8.1% 9.7% This document is prepared by Ghana Oil Company Limited 12
Corporate Performance PRODUCT PERFORMANCE Product Market Share Gasoline Market Share 2014-2018 25.0% 22.2% 22.0% 19.7% 20.0% 16.4% GOIL Aggregate Market Share 2014-2018 13.4% 15.0% 20.00% 10.0% 18.30% 18.20% 18.00% 16.68% 5.0% 15.77% 16.00% 0.0% 14.04% 14.00% 2014 2015 2016 2017 2018 12.00% 10.00% 8.00% Gasoil Market Share 2014-2018 6.00% 30.0% 24.7% 24.6% 4.00% 25.0% 20.3% 2.00% 18.3% 20.0% 0.00% 14.9% 15.0% 2014 2015 2016 2017 2018 10.0% 5.0% 0.0% 2014 2015 2016 2017 2018 This document is prepared by Ghana Oil Company Limited 13
Corporate Performance FINANCIAL PERFORMANCE 2014-2018 Sales Revenue 2014 - 2018 Net Profit 2014 - 2018 4,000 GH¢ Millions 99.12% Growth 60,000 54,114 3,081 3,000 168.34% Growth 50,000 2,468 39,335 2,028 1,955 35,256 40,000 GH¢ ‘000 2,000 1,547 30,000 22,211 20,166 1,000 20,000 10,000 - - 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Sales increased from GH¢1,547.03 million to GH¢3,080.51 million Profit after tax increased from GH¢20.17 million to GH¢54.11 million Total Assets 2014 - 2018 1,500 GH¢ Millions 1,100 222.59% Growth 901 1,000 758 521 341 500 - 2014 2015 2016 2017 2018 Total assets increased from GH¢340.83 million to GH¢1,099.50 million. This document is prepared by Ghana Oil Company Limited 14
Corporate Performance FINANCIAL PERFORMANCE 2017-2018 Net Revenue - GROUP Net Revenue - GOIL 3,500 3,080.51 GH¢ Million Income Statement Highlights 5,091.62 5,500 3,000 4,078.5 GH¢ Million 2,467.87 6 4,500 2,500 Group Company 2,000 3,500 2018 2017 Growth 2018 2017 Growth 1,500 2,500 GH¢'000 GH¢'000 GH¢'000 GH¢'000 1,000 1,500 Net Revenue 5,091,624 4,078,563 24.84% 3,080,508 2,467,872 24.82% 500 500 0 Gross Profit 287,135 202,807 41.58% 229,532 155,907 47.22% -500 2017 2018 2017 2018 Operating Profit 120,507 80,088 50.47% 82,025 45,076 81.97% Profit before Tax 114,138 84,523 35.04% 76,195 49,511 53.90% Net Profit - GOIL Net Profit - GROUP Net Profit 81,947 65,089 25.90% 54,114 39,335 37.57% 60 54.11 100 81.95 GH¢ Million GH¢ Million 50 Revenue growth is driven by : 80 39.34 65.09 • strong performance in the Retail Sector and Bunkering 40 60 as well as aggressive marketing campaign resulting in 30 increase in sales volume 40 20 20 10 • Profit is driven by increase in margins and cost 0 0 management 2017 2018 2017 2018 This document is prepared by Ghana Oil Company Limited 15
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