Declared Dividend • May 25
Dividend of GH₵0.055 announced Shareholders will receive a dividend of GH₵0.055. Ex-date: 5th June 2026 Payment date: 10th August 2026 Dividend yield will be 0.7%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Board Change • May 20
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. No experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Thomas Manu is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • May 07
GOIL Plc, Annual General Meeting, Jun 11, 2026 GOIL Plc, Annual General Meeting, Jun 11, 2026. Location: the auditorium, college of physicians and surgeons, ridge accra, Ghana Announcement • May 22
GOIL Plc, Annual General Meeting, Jun 19, 2025 GOIL Plc, Annual General Meeting, Jun 19, 2025. Location: movenpick ambassador hotel, accra Ghana New Risk • Nov 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 8.1% per year over the past 5 years. High level of non-cash earnings (52% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (GH₵595.6m market cap, or US$37.5m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: GH₵0.003 (vs GH₵0.01 in 3Q 2023) Third quarter 2024 results: EPS: GH₵0.003 (down from GH₵0.01 in 3Q 2023). Revenue: GH₵4.72b (up 3.7% from 3Q 2023). Net income: GH₵1.05m (down 73% from 3Q 2023). Profit margin: 0% (down from 0.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 5.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.0% per year over the past 5 years. High level of non-cash earnings (57% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (GH₵587.8m market cap, or US$37.8m). Reported Earnings • Aug 04
First half 2024 earnings released: EPS: GH₵0.15 (vs GH₵0.17 in 1H 2023) First half 2024 results: EPS: GH₵0.15 (down from GH₵0.17 in 1H 2023). Revenue: GH₵9.62b (down 14% from 1H 2023). Net income: GH₵58.3m (down 11% from 1H 2023). Profit margin: 0.6% (in line with 1H 2023). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 24
Upcoming dividend of GH₵0.052 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Ghanaian dividend payers (11%). Lower than average of industry peers (9.8%). Announcement • May 09
GOIL Plc, Annual General Meeting, Jun 06, 2024 GOIL Plc, Annual General Meeting, Jun 06, 2024, at 11:00 Coordinated Universal Time. Location: Movenpick Ambassador Hotel Accra Ghana Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: GH₵0.18 (vs GH₵0.32 in FY 2022) Full year 2023 results: EPS: GH₵0.18 (down from GH₵0.32 in FY 2022). Revenue: GH₵20.5b (down 1.2% from FY 2022). Net income: GH₵70.5m (down 43% from FY 2022). Profit margin: 0.3% (down from 0.6% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jun 12
Upcoming dividend of GH₵0.052 per share at 3.4% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Ghanaian dividend payers (15%). Lower than average of industry peers (18%). Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: GH₵0.33 (vs GH₵0.25 in FY 2021) Full year 2022 results: EPS: GH₵0.33 (up from GH₵0.25 in FY 2021). Revenue: GH₵20.7b (up 175% from FY 2021). Net income: GH₵127.5m (up 29% from FY 2021). Profit margin: 0.6% (down from 1.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: GH₵0.042 (vs GH₵0.048 in 3Q 2021) Third quarter 2022 results: EPS: GH₵0.042 (down from GH₵0.048 in 3Q 2021). Revenue: GH₵5.77b (up 204% from 3Q 2021). Net income: GH₵16.5m (down 12% from 3Q 2021). Profit margin: 0.3% (down from 1.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.3% decline forecast for the Oil and Gas industry in Africa. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 19
Price target decreased to GH₵2.80 Down from GH₵3.21, the current price target is provided by 1 analyst. New target price is 61% above last closing price of GH₵1.74. Stock is down 4.4% over the past year. The company posted earnings per share of GH₵0.25 last year. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Director Angela Forson was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: GH₵0.11 (vs GH₵0.056 in 2Q 2021) Second quarter 2022 results: EPS: GH₵0.11 (up from GH₵0.056 in 2Q 2021). Revenue: GH₵5.11b (up 194% from 2Q 2021). Net income: GH₵41.5m (up 89% from 2Q 2021). Profit margin: 0.8% (down from 1.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 46% compared to a 53% growth forecast for the industry in Africa. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jul 30
GOIL Plc Recommends Final Dividend for the 2021 Financial Year, Payable on August 16, 2022 GOIL Plc announced that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GHC 0.047 per share for the 2021 financial year. The Register of shareholders will be closed from June 14, 2022 to June 15, 2022 (both dates inclusive). In view of the foregoing, the ex-dividend date has been set as June 9, 2022. Consequently, an investor purchasing GOIL shares before this date will be entitled to the final dividend. However, an investor buying GOIL shares on or after June 9, 2022, will not be entitled to the final dividend. The final dividend will be paid on August 16, 2022. Upcoming Dividend • Jun 02
Upcoming dividend of GH₵0.043 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 16 August 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Ghanaian dividend payers (10.0%). Lower than average of industry peers (9.4%). Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 10 non-independent directors. Chairman of the Board Gaddy Laryea was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: GH₵0.26 (up from GH₵0.23 in FY 2020). Revenue: GH₵7.53b (up 56% from FY 2020). Net income: GH₵102.2m (up 13% from FY 2020). Profit margin: 1.4% (down from 1.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 17% compared to a 17% growth forecast for the oil industry in Africa. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 25% share price decline to GH₵1.27, the stock trades at a trailing P/E ratio of 5.4x. Average forward P/E is 6x in the Oil and Gas industry in Africa. Total loss to shareholders of 59% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS GH₵0.047 (vs GH₵0.11 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: GH₵1.90b (up 59% from 3Q 2020). Net income: GH₵18.7m (down 56% from 3Q 2020). Profit margin: 1.0% (down from 3.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS GH₵0.056 (vs GH₵0.026 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: GH₵1.74b (up 87% from 2Q 2020). Net income: GH₵22.0m (up 117% from 2Q 2020). Profit margin: 1.3% (up from 1.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 28
Price target decreased to GH₵2.55 Down from GH₵3.21, the current price target is provided by 1 analyst. New target price is 65% above last closing price of GH₵1.55. Stock is down 2.5% over the past year. Upcoming Dividend • Jun 12
Upcoming dividend of GH₵0.041 per share Eligible shareholders must have bought the stock before 18 June 2021. Payment date: 25 August 2021. Trailing yield: 2.9%. Lower than top quartile of Ghanaian dividend payers (8.3%). Lower than average of industry peers (9.7%). Announcement • May 28
Ghana Oil Company Limited Recommends Final Dividend, Payable on August 25, 2021 Ghana Oil Company Limited announced that the company's Directors will be recommending to the shareholders at the upcoming AGM, the payment of a final dividend of GHS 0.045 per share for the 2020 financial year. The final dividend will be paid on August 25, 2021. All shareholders registered in the books of GOIL at the close of business on June 22, 2021 will qualify for the final dividend. Ex-dividend date has been set as June 18, 2021. Reported Earnings • May 03
First quarter 2021 earnings released: EPS GH₵0.098 (vs GH₵0.062 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: GH₵1.48b (flat on 1Q 2020). Net income: GH₵38.3m (up 58% from 1Q 2020). Profit margin: 2.6% (up from 1.6% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 07
Price target decreased to GH₵2.55 Down from GH₵3.21, the current price target is provided by 1 analyst. New target price is 69% above last closing price of GH₵1.51. Stock is down 7.9% over the past year. Announcement • Mar 17
GOIL Announces the Appointment of Mrs. Mabel Abena Amoatemaa Sarpong as Board Member GOIL announced the appointment of Mrs. Mabel Abena Amoatemaa Sarpong as a Board Member of the company effective 16th February, 2021.Mrs. Mabel Abena Amoatemaa Sarpong is an astute business woman and entrepreneur with experience spanning over 30 years. 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. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS GH₵0.24 (vs GH₵0.27 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: GH₵4.85b (down 23% from FY 2019). Net income: GH₵92.5m (down 12% from FY 2019). Profit margin: 1.9% (up from 1.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 14
New 90-day high: GH₵1.51 The company is up 1.0% from its price of GH₵1.50 on 14 October 2020. The Ghanaian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 14% over the same period.