GOIL PLC posted a slight increase in profit for the quarter ended June 30, 2026, even as the company faced declining revenue, weaker operating performance, and liquidity pressures, according to its latest financial results.
The Ghanaian oil marketing company reported a net profit attributable to shareholders of GH¢75.72 million, representing a 3.31% increase compared to GH¢73.30 million recorded during the same period in 2025.
GOIL Profit Before Tax Rises in Q2 2026
GOIL’s profit before tax also recorded moderate growth, rising by 4.30% to GH¢104.97 million, up from GH¢100.64 million in the corresponding quarter of 2025.
Additionally, the company’s earnings per share (EPS) improved to GH¢0.193, compared with GH¢0.187 a year earlier, reflecting the increase in shareholder earnings.
Revenue Declines Despite Higher Profit
Although GOIL delivered improved profitability, the company’s broader financial performance revealed several challenges.
The petroleum marketing company experienced a decline in revenue during the second quarter of 2026, while operating profit weakened compared to the previous year. The report also showed a significant drop in cash generated from operating activities, highlighting pressure on the company’s cash flow.
Receivables Exceed GH¢2.65 Billion
GOIL’s financial statements further indicated that trade receivables rose above GH¢2.65 billion, suggesting a growing amount of outstanding payments owed to the company.
The report also showed that current liabilities continued to exceed current assets, indicating that the company remains under short-term liquidity pressure despite recording higher profits.
GOIL Financial Results Highlight Mixed Performance
Overall, GOIL PLC delivered a modest improvement in net profit, profit before tax, and earnings per share for the quarter ended June 30, 2026. However, declining revenue, weaker operating earnings, reduced operating cash flow, rising receivables, and ongoing working capital challenges present a more complex picture of the company’s overall financial health.
Source: newsthemegh.com