Guyoil/GASI Host Annual General Meeting

The Guyana Oil Company Limited (Guyoil) and its wholly-owned Subsidiary Guyoil Aviation Services Incorporated (GASI) hosted their Annual General Meeting (AGM) on Tuesday, 22nd September, 2020, in the parking lot of Guyoil Green Office and Store Complex Providence, in full compliance with all the COVID-19 guidelines. The AGM reviewed the financial performance of both companies for the year ended 31st December, 2019.

Several key stakeholders were in attendance, including representatives from the holding company of Guyoil’s shareholder, the National Industrial and Commercial Company Limited (NICIL), representatives from Ministry of Finance, Audit Office of Guyana, PKF Barcellos Narine & Company, Guyoil’s Board of Directors, and management team.

Guyoil’s Company Secretary and Legal Officer Ms. Suzanne Bullen, delivered a brief overview of Guyoil and GASI’s 2019 performance, projects, and audit reports for the year ending 31st December, 2019.

It was noted that in 2019 Guyoil recorded a net profit after taxation of two billion five hundred & eighty-seven million ($2.587B) which represents an approximately one billion dollars ($1.001 B) or a sixty-three per cent increase (63%) when compared to 2018. The company paid nine hundred million dollars ($900M) as dividends to its shareholder in 2019.

On the other hand, in 2019, GASI recorded a net profit after taxation of eighty-six million, seven hundred and forty-nine thousand ($86.749 M), which represents an increase of approximately twenty-five million dollars ($25.048M) or forty per cent (40%) when compared to 2018.

The AGM concluded with Guyoil’s Chairman Mr. Paul Cheong commending Guyoil and its subsidiary GASI, for their success in 2019. Mr. Cheong encouraged both companies to improve the delivery of their services for a more efficient and vibrant organisation.