Tema Oil Refinery (TOR) has announced a major financial turnaround, recording a Profit After Tax of GH¢1.24 billion for the 2025 financial year — its first return to profitability after nearly a decade of consecutive losses.

The announcement was made by the Managing Director of TOR, Edmund Kombat, following the refinery’s 18th Annual General Meeting (AGM), which brought together shareholders, representatives of the State Interests and Governance Authority (SIGA), the Ministry of Finance, and other key stakeholders. The meeting was also attended by Ghana’s Minister for Energy and Green Transition, Dr John Abdulai Jinapor.

According to Mr Kombat, the AGM marked a significant milestone with the consideration of nine years of audited financial statements spanning 2017 to 2025. The accounts, audited by KPMG in collaboration with the Ghana Audit Service, were presented as part of efforts to strengthen transparency, accountability, and sound corporate governance at the state-owned refinery.

He described the approval of the long-outstanding financial statements as an important step toward rebuilding confidence in the refinery’s operations and governance.

Mr Kombat attributed the refinery’s return to profitability to the collective commitment and resilience of the Board of Directors, management, staff, government, and stakeholders, who worked together to reverse years of financial decline.

He further credited the achievement to the policy direction of President John Dramani Mahama, whose Reset Agenda for the management of state-owned enterprises places strong emphasis on transparency, accountability, operational excellence, and the revitalisation of strategic national institutions.

Despite celebrating the financial breakthrough, the Managing Director stressed that the refinery remains focused on sustaining the momentum and restoring TOR to its position as a world-class refinery.

He said the refinery’s long-term objective is to strengthen Ghana’s energy security, create greater value for the Ghanaian people, and contribute significantly to the country’s economic transformation.

The 2025 profit represents a landmark moment for Tema Oil Refinery, signalling what management believes is the beginning of a new chapter in the refinery’s efforts to regain operational and financial stability after years of challenges.