Bloomberg News

Ghana Oil Gains to Record-High on Profit Forecast: Accra Mover

July 23, 2012

Ghana Oil Company Ltd. (GOIL), which operates the second-biggest network of gasoline stations in the West African nation, rose to the highest on record as investors bet first-half profit increased.

The stock increased 2 percent to 51 pesewas by the close in Accra, the capital, the highest since November 2007 when it listed on the Ghana Stock Exchange.

“There is big investor anticipation for the company’s first-half results,” Randy Mensah, a stock trader at Ecobank (ETI) Development Corp., said by phone. “Our forecast is a 40 percent increase in net income year-on-year and between 25 and 30 percent growth in revenue.”

Confidence in the company, known as Goil, has been renewed since a branding program this year, Mensah said. Goil changed its logo and has been rehabilitating fuel stations. The branding will help boost market share to 35 percent in two years from 23 percent, board member Kojo Bonsu said on May 18.

Goil’s first-half results are expected at any time, Mensah said.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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