BOST Rakes In GHC 160 Million Profit IN 2021 After Paying Almost All Its Legacy Debts – MD

The managing Director of Bulk Oil Storage Transport , Mr Edwin Alfred Provencal has informed the nation that the company that was riddled with barrage of debts and inefficiencies turned in a profit of 160 million Ghana cedis after all taxes and debts were drastically reduced . The MD made this startling revelations when he met the MOI Press Corps at the Ministry’s conference room in Accra. He narrated a bleak state he met at the company where debts and inefficiencies were at their highest ebb making the company very unattractive and down graded. The company owed suppliers to the tune of 642 million million dollars , 420 million Ghc to the banks , 37 million Ghc to GRA in tax default, 161million Ghc in legal suits, 11million Ghc to BDCs ,etc. Apart from the indebtedness, the company had most of its badges, pipelines, tanks and other equipments ,buildings in ruins . According to him no bank was prepared to give out loans to it to revamp its operations as well as pay off its numerous debts . So from 2011 to 2017 the company was in total disarray and indebtedness. Mr Prevencal however indicated that from 2017 up to date, a lot of strides have been made in terms of better management and operational practices and that have turned the fortunes of the company around. The MD stated that things began to improve from 2019 and the company posted profits from then to 2021 financial year. In addition to the clearance of financial statement arrears, he announced that the company is up to scratch and looks good in the eyes of the public and creditors. Mr Provencal explained that as a result of the unprepared audited accounts and near insolvent nature of the company , the banks were not prepared to advance them loans to retrofit the company . However, NPA and the government came to their rescue to buy new equipment, repair its infrastructure , pay off some of its loans and debts , and made purchases of new products for sale to generate revenues to meets its corporate and social responsibilities . Today the company is on its feet to meet it’s obligation to the state .Mr Provencal outlined some of the company’s in infrastructural development, purchase of new equipment, expansion works ,etc. He also announced that his company will cease the opportunity to cash in on 950 million dollars re- export opportunity in the land locked countries. According to him if his company gets 250 million dollars of that money it will ostracize them from going to the Central bank fo foreign exchange for their imports.