BOST records ¢291.02m loss in 2020

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coronavi

The Bulk Oil Storage and Transportation (BOST) posted a loss of ¢291.02 million in 2020, according to the 2020 State Ownership Report.

This represents a 186.97% increase on the net loss of ¢101.41 million recorded in 2019.

Net profit margin was -44.81%, which represents an increase of 27.95 percentage points from the -17.05% recorded in 2019.

Total revenue, however, increased by 9.19% from ¢594.75 million in 2019 to ¢649.43 million in 2020. Total revenue increased by an average of 4.11% per annum between 2016 and 2020.

Revenue from operations increased by 21.29% from ¢521.60 million in 2019 to 632.66 million in 2020.

The report further said that the current ratios of 0.9 (2019) and 0.35 (2020) indicate BOST declining ability to service its short term obligations as they fall due.

In terms of key operational performance, the report said inadequate capital resulted in an Import PMS quantity of 223,500MT against a target of 59,305.46MT.

Again, due to insufficient financing, a total of 83,359.97MT of automotive gas oil (AGO) was imported as against the targeted 236,200MT.

In terms of the 2020 Performance Contract, the report said BOST achieved a total weighed score of 3.04, which represents an Above Average performance, based on the normalised five-point scoring scale.

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