The Bulk Oil Storage and Transportation (BOST) Limited Company will today, Thursday, August 17, hold its 2nd Annual General Meeting (AGM).
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The event to be held at the company's new headquarters at 30 Gulf Street, South Legon, Accra, begins at 9am.
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In 2021, the Bulk Oil Storage and Transportation (BOST) Limited Company held its maiden Annual General Meeting since its establishment in 1993.
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The event, which took place at the Movenpick Ambassador Hotel in Accra on Wednesday, September 14, 2022, had many dignitaries gracing it with their presence.
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Energy Minister, Dr. Matthew Opoku Prempeh applauded the company’s achievements over the years.
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“I have had the opportunity to take a look at the state of the company in January 2017 from a copious report I received and was surprised at the financial and operational out-turns of the company for the year 2021 which report I believe shall be a cardinal part of this Annual General Meeting.”
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He continued, “From a debt position of US$624 million owed suppliers and related parties, BOST has over the five years preceding the year in focus, 2021, paid US$611 million with IGF contributing about US$423 million. The BOST portion translates into an average of US$84.6 million of company generated cash per year being spent on debts accrued through the trading activities of the company in the past.”
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He further lauded the Board of Directors and management of the company for the financial performance in the year ended 2021.
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For the financial year 2021, BOST achieved a net profit after income tax of GH¢160,718,361, after all provisions.
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This compares to a loss of GH¢291,017,758 in 2020 which contained a provision of GH¢292,935,973 for deferred taxation, resulting from the revaluation of the company’s assets in that year.
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Of greater significance is the increase in operational profit from GH¢1,918,215 in 2020 to GH¢163,871,810 in 2021.
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BOST saw a significant improvement in its core business in 2021 with an overall increase in gasoline and gasoil sales revenue of 83%.
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Revenue from gasoline sales increased by 144% from GH¢140 million to GH¢341 million with diesel sales also increasing by 46% from GH¢227 million to GH¢331 million.
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Revenue from its marine transportation business increased by 412% from the previous year’s revenue of GH¢2.9 million to GH¢14.9 million.
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This was mainly due to the full deployment of all four barges of the company after they had undergone extensive renovation.
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Storage and rack revenue also saw a steady growth of 4% from GH¢50.4 million to GH¢52.6 million.
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