The Bulk Oil Storage and Transportation Limited recorded a net profit of ¢160.718 million in 2021 compared with a loss of ¢291.017 million in 2020.
According to the 2022 Auditor-General Report, the company recorded a positive total comprehensive income of ¢185.797 million in 2021 as compared with a deficit of ¢306.692 million in 2020.
This performance was largely attributed to the achievement of operational efficiency during the financial year.
The report furthered that total income increased by 76.1% from ¢649.431 million in 2020 to ¢1.143 billion in 2021. The increment was mainly due to a rise in BOST’s margin (from GHp6 to GHp9 in June 2021) and a substantial increase in product sales (gasoline and diesel).
Furthermore, marine income increased from ¢2.898 million in 2020 to ¢14.832 million in 2021.
The total expenditure also increased by 39.8% from ¢639.587 million in 2020 to ¢894.268 million in 2021.
The rise was largely due to an increase in cost of sales from ¢410.742 million in 2020 to ¢659.341 million in 2021 which was due to increases in import cost and the depreciation of the cedi.
For the balance sheet, Non-Current Assets increased by 1.8% from ¢1.464 billion in 2020 to ¢1.491 billion in 2021. The rise was influenced by the acquisition of additional assets including lands and the capital repairs of storage facilities.
Current Assets also increased by 66.3% from ¢350.673 million in 2020 to ¢583.249 million in 2021 due to a rise in inventories and trade and other receivables.
Non-Current Liabilities decreased by 1.3% from ¢1.273 billion in 2020 to ¢1.256 billion in 2021 and this was partly due to a reduction in loans during the year.
Current Liabilities, however, increased by 6.5% from ¢1.00 billion in 2020 to ¢1.065 billion in 2021. This was largely due to increases in the current tax provision and trade and other payables.
The current ratio of improved to 0.5:1 in 2021. However, the company is still not capable of meeting its short-term financial obligations.
