TOR Posts First Profit in 10 Years as SIGA Lauds Efforts
The Tema Oil Refinery has recorded its first profit in a decade and cleared a 7-year backlog of audited financial statements, marking what the State Interests and Governance Authority calls a “major milestone” in governance and accountability.
SIGA on Monday commended the Board, Management and Staff of TOR for successfully completing and submitting outstanding audited accounts for 2019 through 2025.
TOR had not produced audited accounts for the 2019-2024 period before this exercise.
According to the audited accounts presented to SIGA, TOR posted a historic Profit Before Tax of GHS 1.24 billion in 2025.
That represents the refinery’s first profit in 10 years, and SIGA described it as a significant indicator of renewed institutional recovery.
The SIGA noted several key achievements that drove the turnaround. Revenue growth in 2025 was the strongest since 2019.
Prudent forex management delivered a foreign exchange gain of GHS 1.3 billion.
The refinery’s share of associate profit also grew to GHS 155 million, reinforcing the value of its strategic investments.
On the balance sheet, TOR cut trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, while total debt levels also declined over the same period.
Receivables management improved significantly with receivable days dropping from 1,099 days to 652 days.
Operationally, TOR completed Turnaround Maintenance activities and refined about 600,000 barrels of crude oil, demonstrating renewed technical capacity and resilience.
SIGA credited the results to deliberate strategic leadership, strengthened corporate governance, operational reforms, and the dedication of TOR’s Board, Management and staff.
The Authority particularly acknowledged the Board’s role in supporting debt restructuring, receivables recovery, cost containment, and investments in critical infrastructure like the Crude Distillation Unit and Residue Fluid Catalytic Cracker.
While liquidity pressures, retained deficits and long-term balance sheet restructuring remain challenges, SIGA said it is encouraged by TOR’s clear recovery trajectory and improving financial indicators.
The Authority has urged TOR’s Board and Management to sustain the momentum, deepen efficiencies, strengthen governance standards, and accelerate efforts toward long-term profitability, competitiveness and national energy security.
SIGA also reiterated its commitment to supporting all Specified Entities that show accountability, strategic transformation and measurable performance in line with Ghana’s development priorities.
Story by Hajara Fuseini
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