Ghana Oil Rises to Record High After 2012 Profit Jumped 32%

Ghana Oil Co. (GOIL), the second-biggest operator of fuel stations in the West African nation, rose to the highest on record after saying profit increased 32 percent in 2012.

The stock climbed for a third day, adding 1.5 percent to close at 69 pesewas by 3 p.m. in the capital, Accra. That’s the highest since the company listed on the Ghana Stock Exchange in November 2007, according to data compiled by Bloomberg.

Net income increased to 10.4 million cedis ($5.5 million), the company said in a statement published in the Business and Financial Times newspaper today. Revenue advanced to 791.3 million cedis from 610.5 million cedis a year earlier.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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