Guyoil’s profits increase by $1B

Sep 23, 2020 News

The Guyana Oil Company Limited (Guyoil) and its wholly-owned subsidiary, Guyoil Aviation Services Inc. (GASI), hosted their Annual General Meeting (AGM) on Tuesday, with disclosures that the recorded profits of the former has increased by $1B.

Members of Guyoil’s Board of Directors, Guyoil’s Company Secretary and CEO

The AGM was held in the parking lot of Guyoil Green Office and Store Complex, Providence with full compliance to all necessary COVID-19 guidelines, that state-owned company announced.
“The AGM reviewed the financial performance of both companies for the year ended 31 December, 2019. Several key stakeholders were in attendance, including representatives from the holding company of Guyoil’s shareholder, The National Industrial and Commercial Company Limited (NICIL), also in attendance were representatives from Ministry of Finance, Audit Office of Guyana, PKF Barcellos Narine & Company, Guyoil’s Board of Directors, and Management Team.”
Guyoil’s Company Secretary and Legal Office, Suzanne Bullen, delivered a brief overview of Guyoil and GASI’s 2019 performance, projects, and audit reports for the year ending 31 December, 2019.
According to Guyoil, it was noted that in 2019, Guyoil recorded a net profit after taxation of $2.587B which represents an approximately $1.001 B increase or a 63% increase when compared to 2018. The company paid $900M as dividends to its shareholder in 2019.
“On the other hand, in 2019, GASI recorded a net profit after taxation of $86.749M, which represents an increase of approximately $25.048M or 40% when compared to 2018.
The AGM concluded with Guyoil’s Chairman, Paul Cheong commending Guyoil and its subsidiary GASI, for their success in 2019.
“Mr. Cheong encouraged both companies to improve the delivery of their services for a more efficient and vibrant organization.”
Guyoil operates several service stations across the country and would set the prices of gas from time to time.

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