BOSTenergies’ maiden dividend payment to government marks a significant shift in the company’s financial fortunes, with Energy and Green Transition Minister Dr John Abdulai Jinapor urging management to sustain the progress.
The company paid GH¢34.2 million to government, representing five per cent of its 2025 net profit, following a year in which it recorded substantial growth in revenue, profitability and shareholder equity.
Speaking at BOSTenergies’ 2026 Annual General Meeting, Dr Jinapor described the dividend payment as particularly significant because the company had historically depended on its shareholder for financial support.
“For the first time, I don’t remember ever hearing that you are paying dividend to your shareholder. It used to be loss. You always run to your shareholder, bring money,” he said.
The Minister noted that declaring a profit was not necessarily an indication that a company had sufficient cash to reward shareholders, making the actual payment of dividends an important measure of financial strength.
“But profit is normally on an accrual basis. So you could declare profit, and the money is not available. But he’s going to pay dividends. And I also checked the cash flow. It’s not that bad. So let’s continue,” he added.
The dividend follows a strong financial performance by BOSTenergies in 2025, with revenue increasing by 195 per cent from GH¢1.2 billion to GH¢3.81 billion.
Profit after tax also rose by 72 per cent, from GH¢398 million to GH¢683.96 million, while total assets increased by 50 per cent to GH¢3.99 billion.
Shareholder equity more than doubled from GH¢677 million to GH¢1.47 billion during the period.
Dr Jinapor said the figures reflected improvements not only in the company’s earnings but also in its operational efficiency, pointing to a 28 per cent reduction in administrative expenses.
“Your profit after tax increased from GH¢398 million to GH¢684 million. A+. But even your expenses… reduced. It means that you are spending less and achieving more, which means there is efficiency,” he said.
He urged the board and management to focus on strengthening cash generation and maintaining profitability to ensure that the current gains translate into sustainable long-term value for the government and other shareholders.
The Minister said key indicators such as operating profit, gross profit, total comprehensive income and earnings per share would remain important measures of the company’s performance.
Dr Jinapor further linked BOSTenergies’ improved performance to stronger leadership and the government’s broader “reset agenda”, saying similar positive trends were emerging across several state-owned enterprises.
“This is what we call the reset agenda. And you see, it’s not just happening with BOSTenergies. Take the SIGA report. Almost all the state-owned agencies, they are moving and showing a positive trajectory,” he said.
He commended the board, management and staff, particularly Managing Director Afetsi Awoonor, for the progress made and encouraged them to build on the company’s improved financial position.
He also cited investments in operational infrastructure, including the procurement and distribution of fire tenders, as part of efforts to strengthen BOSTenergies’ operations.
The Minister said maintaining the company’s current trajectory would be critical to ensuring that BOSTenergies becomes a stronger contributor to government revenue while continuing to improve efficiency and shareholder value.
