Edwin Provencal, managing director of the Bulk Energy Storage and Transportation Limited (BOST) on Wednesday (6 November) said the company raked in GHC10 billion in 2023.
Reflecting on BOST’s financial history, Provencal detailed the company’s climb from GHC2.9 billion in revenue in 2016 to a staggering GHC10 billion this year, despite encountering a revenue low in 2018.
The 2018 period marked a crisis point, with banks hesitant to partner with BOST due to mounting debt. “When you owe suppliers and banks and you’re not paying, nobody is going to do business with you. So, 2018 was our worst year,” he said.
However, the years following 2018 saw a steady resurgence, as BOST made strides in operational improvements and financial discipline.
Provencal praised the team’s commitment: “We are happy to let you know that by 2023, we are making 10 billion cedis and I think it deserves a round of applause for the team here. Motivation is food for their soul.”
According to him, cost control has also been central to BOST’s success adding that administrative expenses have dropped considerably, defying Ghana’s inflationary pressures.
”While administrative costs stood at GHC538 million in 2016, they gradually decreased to GHC342 million by 2023,” he said.
Provencal highlighted this prudent fiscal management as a key to BOST’s overall profitability.
“In Ghana, over time, we all know that over time, cost gradually moves up. So, under normal circumstances, by 2023, the inflation and the forex effect on the 538 [million] should have taken it to almost one billion or two billion cedis,” he said.
“But if you look at the trend, as of 2020, the administrative expense is GHC209 million. It’s lower than half of what was spent in 2016. In 2021, it’s GHC228 million. It’s still way lower than half of what was spent in 2016.”
BOST’s most profitable year came in 2022, marking the company as a key contributor to Ghana’s fiscal health.
Reporting by Abigail Teye in Accra
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