By Jibril Abdul Mumuni
Accra, June 30, GNA–The Tema Oil Refinery (TOR) has posted an after-tax profit of GHS 1.24 billion for the 2025 financial year, ending a nine-year streak of losses.
The Managing Director of TOR, Mr Edmond Kombat, disclosed the figure at the company’s 18th Annual General Meeting (AGM) in Accra on Monday.
Profit before tax stood at approximately GHS 1.4 billion.
Mr Kombat said it was the first time the refinery had recorded a profit since 2016.
“From 2016 till now, refining has not recorded any profit. It is in 2025 that we were able to record profit,” he said.
He attributed the turnaround to favourable foreign exchange movements, improved operational activity, and ongoing financial restructuring. Revenue also improved, supported by the resumption of refining activities and increased throughput from key processing units.
The Managing Director cautioned, however, that the profit did not erase past losses.
He said TOR still carried legacy debts running into several hundreds of millions of dollars owed to crude oil suppliers and other stakeholders. The debts continue to attract interest.
“These debts are still sitting on our books and have the potential to affect the gains that we are making if they are not addressed.” Mr Kombat said.
He stressed the need for sustained efforts to strengthen the refinery’s balance sheet and ensure long-term financial stability.
Mr.Nayon Bilijo, the Board Chairman of TOR, described the return to profitability as a major milestone but said more work was needed to consolidate the gains and ensure sustainable operations.
The AGM reviewed the refinery’s financial and operational performance for 2025 and discussed plans to position TOR as a key player in Ghana’s energy sector.
TOR, established in 1963, is Ghana’s only state-owned refinery.
It has a nominal capacity of 45,000 barrels per day but has faced intermittent shutdowns since 2016 due to financial challenges, crude supply constraints, and debt.
The refinery recorded consistent losses between 2016 and 2024, accumulating debts to crude suppliers, banks, and utility providers.
Previous government interventions have included restructuring talks and plans to bring in strategic partners to restore full operations.
The 2025 profit is the first positive financial result for TOR in nearly a decade.
GNA
Jibril Abdul Mumuni
[email protected]
Edited by Samuel Osei-Frempong