TOR Records GHS 1.24 Billion Profit

The Tema Oil Refinery (TOR) has achieved a profit before tax of GHS 1.24 billion in 2025. This marks the refinery's first profit in a decade. The announcement signals a major recovery for the state-owned company.

This significant financial turnaround was disclosed by the State Interests and Governance Authority (SIGA). SIGA described the achievement as historic for TOR. The profit reflects improved revenue generation and stronger financial management. Renewed operational activity also played a key role following periods of inactivity. TOR processed approximately 600,000 barrels of crude oil after recent maintenance work.

TOR's return to profitability comes after a long period of financial challenges. In 2025 alone, TOR saw a foreign exchange gain of GHS 1.3 billion. The refinery also reported GHS 155 million in profit from its associate investments. These gains helped offset previous losses. The refinery's financial position has improved, with trade and other payables reduced from GHS 7.1 billion in 2024 to GHS 5 billion in 2025. Better debt management and efficiency in collections contributed to this improvement.

SIGA praised the TOR Board, management, and staff for the turnaround. They attributed the gains to strengthened corporate governance and strategic leadership. Operational reforms implemented in recent years appear to be paying off. SIGA cautioned that challenges remain despite the positive results. Liquidity pressures and accumulated deficits are still concerns.

The Authority urged TOR to sustain its momentum. Deepening efficiency improvements is crucial for long-term profitability. The refinery's competitiveness in the energy sector depends on sustained performance. TOR's ability to manage its balance sheet restructuring will be key. This turnaround is observed within the context of government efforts to revive state-owned enterprises. SIGA monitors the performance of many such entities.

Looking ahead, the refinery needs to maintain its operational efficiency. Further strategic reforms will be necessary. The GHS 1.24 billion profit is a strong indicator of potential. However, managing ongoing financial obligations is important. The public will watch TOR's ability to maintain this positive trend in the coming years. Energy sector stability is partly dependent on TOR's performance.