The Guyana Oil Company (Guyoil) recorded a reduction in profitability in 2017 compared to 2016 due to the poor performance of the sale of gasoline, which accounted for 58 per cent of revenue in 2017 according to the Guyoil 2017 annual report. This contrasted with an increase in sales generally.
The sales of motor gasoline, the company’s flagship product, decreased by 4.97 per cent in 2017 with the company losing market share. “Efforts have been made in 2018 to arrest this decline,” chairman of the board of directors Mark Bender said in his remarks in the report.
According to Bender, the net profit after taxation was $1.849 billion in 2017 compared to $2.609 billion in 2016, a decrease of $0.76 billion or 29.13 per cent.
