From a loss of 291.017 million in 2020 to a net profit of 160.718 million in 2021, The Bulk Oil Storage and Transportation Limited has improved significantly.
In contrast to a deficit of 306.692 million in 2020, the company earned a positive total comprehensive income of 185.797 million in 2021, according to the 2022 Auditor-General Report.
The attainment of operational efficiency during the financial year was substantially responsible for this performance.
According to the data, overall income rose from 649.431 million in 2020 to 1.143 billion in 2021, a 76.1% increase. The increase was primarily brought on by an increase in BOST’s margin (from GHp6 to GHp9 in June 2021) and a sharp spike in product sales (especially of gasoline and diesel).
A further increase in marine revenue was seen from 2020 to 2021, going from 2.898 million to 14.832 million.
Additionally, the total spending grew from 639.587 million in 2020 to 894.268 million in 2021, a 39.8% rise.
The cost of sales increased from 410.742 million in 2020 to 659.341 million in 2021 mostly as a result of higher import costs and the depreciation of the cedi.
Non-Current Assets on the balance sheet climbed from 1.464 billion in 2020 to 1.491 billion in 2021, a 1.8% rise. The addition of new assets, such as lands, and the major renovations of storage facilities contributed to the increase.
Due to a growth in inventory and trade and other receivables, current assets also expanded by 66.3% from 350.673 million in 2020 to 583.249 million in 2021.
