Managing Director of Bulk Energy Storage and Transportation Company Limited (BEST), formerly known as BOST, Dr. Edwin Alfred Provencal has announced that the company fell short of its projected profit target for the 2023 fiscal year. Despite aiming for a profit of approximately GHS 1 billion, BEST recorded a significantly lower profit of GHS 208 million, representing a shortfall of 80%.
According to Dr. Edwin Alfred Provencal, the company’s significantly lower profit in 2023 can be mainly attributed to the far-reaching impact of the Russia-Ukraine conflict and lingering effects of the COVID-19 pandemic. These external shocks severely disrupted the global fuel supply chain, resulting in a substantial decline in BEST’s profit.
He pointed out that the company’s profit decline in 2023 was largely due to external factors. He noted that in 2022, BOST operated without the challenges of gold-for-oil deals, external shocks, the Russia-Ukraine War, and IMF interventions. However, in 2023, these factors took their toll, prompting government intervention.
Despite these challenges, BOST has consistently demonstrated its ability to generate profits. The company reported a profit of GHS 160 million in 2021, which increased to GHS 342 million in 2022. Although profit declined to GHS 208 million in 2023, BOST remains on a profitable trajectory, showcasing its resilience in the face of adversity.