GOIL 1Q2026 Results: Revenue slips, profit soars, GOIL fires on efficiency

1Q2026 Earnings Update
GOIL Plc reported a strong earnings performance in 1Q2026, with profit-after-tax rising by 55.4% y/y to GHS 52.2mn, despite a 16.8% y/y decline in revenue to GHS 4.1bn. The revenue contraction reflects an 11.3% y/y drop in ex-pump petrol prices, which weighed on performance given petrol’s 49.5% contribution to total sales volume, offsetting a 10.9% y/y increase in diesel prices (37.9% of volume), even as total sales volume grew by 37.1% y/y. Cost efficiency drove the earnings expansion, with cost of sales declining by 17.9% y/y to GHS 3.9bn, supported by a 41.2% y/y appreciation of the cedi, leading to an 8.8% y/y increase in gross profit to GHS 220.8mn. Operating expenses fell by 6.7% y/y to GHS 133.1mn, while financial charges dropped sharply by 52.1% y/y to GHS 18.1mn, underpinned by a 24.7% y/y reduction in total debt to GHS 598.6mn and proactive refinancing, including a reduction in supplier debt to BP plc from USD 110.0mn to USD 30.0mn. The strong volume growth also lifted market share by 1.83% y/y to 12.2%, positioning GOIL as the market leader by end-1Q2026. Overall, while lower petrol prices constrain revenue in the near term, robust volume growth and improved cost discipline highlight underlying demand resurgence, and we expect continued deleveraging and efficiency gains to support earnings into FY2026.