The Managing Director of Bulk Vitality Storage and Transportation Firm Restricted (BEST), previously BOST, Dr. Edwin Alfred Provencal, has disclosed that the corporate had projected a revenue of roughly GHS 1 billion for the 2023 fiscal yr.
Nonetheless, the corporate recorded a revenue of GHS 208 million, a big shortfall.
In an unique interview, Dr. Provencal defined that the decreased revenue was primarily because of the ongoing Russia-Ukraine battle and different exterior shocks ensuing from the COVID-19 pandemic, which disrupted the gas provide chain.
“Inadvertently, when you have a look at the quantity of enterprise we did in 2023, we must always have made a revenue of over GHS 1 billion however due to the interventions, we needed to suppress our margins and others to make sure that the nationwide downside was solved,” he acknowledged.
He additional famous, “In 2022, there was no gold-for-oil, no exterior shocks, no Russia-Ukraine Battle, and no IMF. However in 2023, we began feeling the results of those, and the federal government needed to intervene by leveraging establishments it may management.”
BOST has remained one of many few state-owned enterprises persistently producing income. In 2021, the corporate reported a revenue of GHS 160 million, which greater than doubled to GHS 342 million in 2022. Regardless of the challenges in 2023, which led to a revenue decline to GHS 208 million, the corporate continues to keep up a worthwhile trajectory.