Ghanaian fuel marketer GOIL raised its group profit after tax 9.3% to 90.8mn GHS (€6.9mn) in the first nine months of 2026, as revenue climbed 9.8% to 14.53bn GHS (€1.11bn) and financial charges fell 34.4% to 68.4mn GHS (€5.2mn), according to unaudited statements filed with the Ghana Stock Exchange.
Analysis: The improvement came from cheaper financing rather than stronger operations. Operating profit declined 12.8%, while the 35.8mn GHS (€2.7mn) reduction in finance costs exceeded the 7.3mn GHS (€0.6mn) increase in pre-tax profit, by our calculation. GOIL earned only about 0.6 pesewas per cedi of sales, compared with approximately 5.3 pesewas at TotalEnergies Marketing Ghana. Such a narrow margin leaves profits sensitive to borrowing costs and changes in regulated fuel pricing. The next pricing window begins November 16 and may offer an indication of conditions facing distributors.
Source: Ghana Stock Exchange (filings by listed issuers), GOIL PLC, unaudited financial statements for the period ended September 30, 2026 (GSE PR-411), January-September 2026; Ghana Stock Exchange (filings by listed issuers), GOIL PLC, unaudited financial statements (GSE PR-411), January-September 2026; Ghana Stock Exchange (filings by listed issuers), TotalEnergies Marketing Ghana PLC, unaudited financial statements for the period ended 30 September 2026 (GSE PR-430), January-September 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 30 October 2026 and 4 November 2026