Managing Director Edmond Kombat of Tema Oil Refinery (TOR) has said they recorded a profit before tax of Ghc1.24 billion in 2025, marking its first return to profit in a decade.
The financial result is one of the key developments highlighted by management as the refinery seeks to recover from years of accumulated losses, unpaid obligations and weaknesses in financial reporting.
Kombat said the company had inherited a difficult financial position when the current management took office in May 2025.
He said TOR’s debt had increased from approximately US$300 million in 2016 to about US$517 million by the time the previous administration left office, while accumulated losses had reached approximately GH¢10 billion.
By the end of 2024, TOR had negative equity of GH¢7.6 billion.
The refinery had also failed to file audited financial statements for six consecutive years, covering 2019 to 2024.
Kombat said management had since completed the outstanding accounts, with the 2019 to 2024 financial statements finalised by April 30, 2026. The 2025 accounts followed on May 30, 2026.
The seven audited financial reports were submitted to the State Interests and Governance Authority (SIGA) and presented at TOR’s 18th Annual General Meeting on June 30, 2026.
According to Kombat, SIGA commended the refinery for bringing its financial reporting up to date for the first time since the 2018 accounts were filed.
The managing director said the company had also reduced its trade and other payables from GH¢7.1 billion to GH¢5 billion in a single year.
Receivable days, which measure how long it takes a company to collect money owed to it, fell from 1,099 days to 652 days.
“What matters more is that trade and other payables fell from GH¢7.1 billion to GH¢5 billion in a single year, and receivable days fell from 1,099 to 652,” he said.
Kombat attributed the financial improvement to macroeconomic stability and prudent management, while noting that the next major test would be generating operating profit from refining in 2026.
“We intend to meet it,” he said. Management has also begun restructuring TOR’s liabilities, commissioning an independent assessment of the company’s obligations and opening discussions with creditors on sustainable repayment arrangements.
The creditors include the Ghana Revenue Authority (GRA), the Social Security and National Insurance Trust (SSNIT) and other commercial entities and state-owned companies.
At the time management took office, TOR owed the GRA GH¢200 million and SSNIT GH¢20 million. It also had outstanding obligations to the Electricity Company of Ghana, Ghana Water Company and its staff provident fund, retirees and former employees.
The amount owed to the staff provident fund, retirees and resignees stood at GH¢190 million, according to the briefing.
Management said it had also pursued outstanding receivables, reviewed unaudited accounts and strengthened financial controls to improve accountability.
Kombat further disclosed that TOR had ranked second among public institutions in the inaugural Public Financial Management Compliance League Table.
While the 2025 profit and the reduction in payables represent progress, the refinery still faces the task of meeting its legacy obligations and sustaining financial stability as it expands refining operations.
Kombat said the objective was to place TOR on a sounder commercial footing, with stronger financial reporting and more disciplined management.
