Bulk Oil Storage and Transportation Limited saw a rise in profit of GH161 million in the 2021 fiscal year after registering ten years of straight losses.

This development is the result of a fundamental business strategy and a roughly 83 percent increase in sales revenue from gasoline and diesel.

On GhanaWeb TV's BizTech, BOST's managing director, Edwin Provencal, said the state-owned company also implemented the efficient utilization of money from the nine pesewas BOST margin on petroleum goods.

He explained that money from the petroleum charge was utilized, among other things, to decommission problematic tanks, refurbish four river barges for the transfer of gasoline, and carry out reconstruction and repair work on fuel depots.

Mr. Provencal said careful examinations with management and staff of BOST have since culminated in positive results but stressed there is more to be done to improve the firm's operations.

"Despite these positives, we are still not there yet, but I am optimistic we are on the right path as there is more work needed to be done here at BOST toward the development of the petroleum downstream sector," he told GhanaWeb's Mawuli Ahorlumegah.

He, therefore, stressed that state-owned enterprises in the country could become profitable and valuable with the right leadership, collaboration and effective direction.