Bulk Energy Storage and Transportation Company Limited (BOST) has recorded a profit of GHS 208 million for 2023, falling significantly short of its GHS 1 billion target.
Dr. Edwin Alfred Provencal, the Managing Director, attributed the shortfall to severe disruptions in the fuel supply chain caused by the ongoing Russia-Ukraine conflict and the lingering effects of the COVID-19 pandemic.
These external pressures, Dr. Provencal explained, necessitated a deliberate suppression of profit margins to address national challenges.
Despite these setbacks, BOST has demonstrated resilience as one of the few state-owned enterprises consistently generating profits.
From a GHS 160 million profit in 2021, the company had surged to GHS 342 million in 2022. Although 2023 saw a decline, BOST remains steadfast in its commitment to profitability amidst global adversity.
Dr. Provencal emphasized, “Inadvertently, if you look at the amount of business we did in 2023, we should have made a profit of over GHS 1 billion,” highlighting the company’s robust performance despite external hurdles.
