Home » Ghanaian investor Patrick Kingsley-Nyinah to pocket $132,299 in dividends from Ghana Oil

Ghanaian investor Patrick Kingsley-Nyinah to pocket $132,299 in dividends from Ghana Oil

by Editorial Team

Ghanaian serial investor Patrick Kingsley-Nyinah will pocket $132,299 (GH₵773,408) in dividends from his stake in Ghana’s state-owned oil and gas marketing company, Ghana Oil (GOIL).

GOIL is a leading player in the country’s oil and gas sector.

As of press time, today, 3:00 pm (UTC+1), on June 28, shares in GOIL were trading at $0.265 (GH₵1.55), while its market capitalization was valued at $103.90 million (GH₵607.39 million).

GOIL operates the largest retail network in Ghana, with five regional offices serving as distribution points in Accra, Tema, Kumasi, Takoradi and Tamale.

Its earnings in 2020 were impacted by the unprecedented disruption triggered by the COVID-19 pandemic, which led to a crash in the crude oil price to below $20 per barrel.

In line with this impact, GOIL revenues plunged by 20 percent, from $1.19 billion (GH₵6.95 billion) in 2019 to $951.64 million (GH₵5.56 billion) in 2020.

Its profits declined by 14.5 percent during the year from $18.05 million (GH₵105.51 million) in 2019 to $15.43 million (GH₵90.21 million) in 2020 on the back of the disruption triggered by COVID-19.

GOIL Chairman of the Board of Directors Kwamena Bartels declared that the company will pay shareholders a dividend of GH₵0.045 per share from its profits in 2020 despite a 14-percent drop in earnings.

Kingsley-Nyinah, who was previously a board member of the Ghana Stock Exchange’s Agricultural Development Bank of Ghana, is the single largest individual shareholder in the company, with an ownership stake of 4.39 percent of its total equity stake.

GOIL’s stake amounts to 17,186,861 ordinary shares and is worth $4.56 million (GH₵26.64 million) as of press time.

Kingsley-Nyinah’s stake in GOIL qualifies him to pocket $132,299 (GH₵773,408) in dividends from the company’s profits in 2020.

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