Search

BOST records GHS 3.1million profit in 3rd Quarter of 2015

kencitymediagh
Dec 24, 2015
2 min read

Kingsley Kwame Awuah Darko; MD BOST

The Bulk Oil Storage and Transportation Company Limited (BOST) recorded a profit of 3.1million Ghana cedis as at the third quarter of this year.

The Managing Director of BOST, Kingsley Kwame Awuah Darko disclosed this to the press at the review of the company’s performance for the year 2015 in Accra.

He said in 2014 for instance BOST recorded a profit of 8.4million.

Mr. Awuah Darko who took over from Acting Managing Director Mr. John Akorful in 2013 said the company was saddled with product losses resulting in a huge debt of about 197 million dollars.

He however said the new management with support from Board Members has turned the company around making it a viable entity.

He attributed the company’s feat to strategic measures the new management implemented including outsourcing the Company’s terminals to TSL Logistics.

“The operation of BOST terminals which had been fraught with product loses and had collapsed were outsourced to TSL Logistics (GH) and within 30 days, APD (Accra Plain Depot) our biggest terminal was operational, setting the pace for all the other depots,”Mr Awuah Darko indicated.

According to him, not only are Akosombo, Kumasi, Buipe, and Bolgatanga depots operational and well functioning, they have also recorded two straight years of operating with gains.

The successful restoration of the company’s terminals, Mr. Awuah Darko explained has enabled BOST to return to its core mandate of maintaining strategic fuel stocks across the country.

Mr. Awuah Darko lauded the contributions of the staff and Board Members for making sure that the company was brought back to its feat.

He said the once lethargic and entitlement driven BOST staff, are now driven by passion to perform with integrity.

This, he said, was because management had restored the staff conditions of service which expired about six years ago.

Mr. Awuah Darko said management had increased staff salaries by 38% as well as paying GHS 5.8 million in back pay and GHS 4million in performance bonuses.

Mr. Awuah Darko announced that the company has completed the design of its new head office and will cut sod for the construction of the facility in February next year.

The company rewarded hardworking staff and some personalities who in diverse ways contributed to the success of BOST.