The Bulk Oil Storage and Transportation Company (BOST) closed 2024 with one of its strongest performances to date, nearly doubling profit after tax on the back of tighter cost controls, improved asset utilization, and a significantly stronger capital base.
Profitability Metrics
Profit after tax rose to GHS 398 million in 2024, up from GHS 208 million in 2023. Earnings per share more than doubled to GHS 398.40, compared to GHS 208.01 in the prior year, with the shareholding structure unchanged at 1,000,000 shares. Revenue growth was moderate at 12.7%, rising from GHS 1.18 billion to GHS 1.33 billion. However, enhanced operational discipline translated into a sharp increase in profitability, as the net margin widened from 17.7% to 29.9%.
Returns on Capital
BOST’s Return on Assets (ROA) improved from 9.2% in 2023 to 15% reflecting stronger efficiency in asset deployment. Conversely, Return on Equity (ROE) moderated to 58.8%, down from 75% in the previous year, due to the expansion of the company’s equity base.
Capital Strength
Shareholders’ equity more than doubled to GHS 677 million from GHS 277 million in 2023, driven largely by retained earnings. The capital build-up significantly reduces leverage risk, enhances balance sheet resilience, and provides a more stable foundation for future investments.
Outlook for Shareholders
With earnings growth outpacing revenue expansion, BOST is positioned to enhance dividend distribution capacity while sustaining reinvestment in long-term growth. The results highlight the company’s ability to generate strong value creation despite a competitive and capital-intensive industry environment.