The total shareholding of Ghanaian serial investor Patrick Kingsley-Nyinah in the Ghana Oil Company (GOIL) is now worth ₵26.64 million ($4.48 million ).
GOIL is a state-owned oil and gas marketing company and Ghana’s only indigenous petroleum marketing firm.
Since its incorporation in 1960, GOIL has grown into a leading market player. It is Ghana’s prime oil marketing company and operates the largest retail network in Ghana. It has five regional offices serving as distribution points in Accra, Tema, Kumasi, Takoradi and Tamale.
As of Dec. 31, 2020, the company had total assets amounting to ₵2.10 billion ($351.91 million), or 22.42-percent higher than its total asset value of ₵1.72 billion ($288.23 million) in 2019.
A drastic economic slowdown caused by the COVID-19 pandemic led to a 20-percent decline in the oil company’s revenue in 2020 to ₵5.56 billion ($931.66 million), down from ₵6.95 billion ($1.16 billion) in 2019.
Kingsley-Nyinah is the single largest individual shareholder in the state-owned oil company. The Ghanaian businessman was previously a board member of the Ghana Stock Exchange’s Agricultural Development Bank of Ghana.
As of press time, 8:00 AM (UTC), July 21, shares in GOIL were worth ₵1.55 ($0.261 ) per share, or 3.33-percent higher than its opening price of ₵1.50 ($0.251) per share for the year.
Kingsley-Nyinah’s ownership stake of 4.39 percent in the indigenous petroleum marketing company, which amounts to 17,186,861 ordinary shares, is currently valued at ₵26.64 million ($4.48 million).
The market value of his stake has accrued a total gain of $144,531 (₵859.34 million) since the year started 165 days ago.In 2020, the businessman earned GH₵773,408 ($132,299) in dividends from the company’s profits, Billionaires.Africa reported.