Guyana Oil Company Doubled Profits In 2019

(The Rio Times, 3.Jan.2021) — GuyOil, the report notes, has been able to maintain a market share of just about 25% and in 2019 sales revenue totaled US$37.516 billion, an 8.5% decrease from the US$41.016 earned in 2018.

Despite a reduction in sales due to a loss of public trust, the Guyana Oil Company (GuyOil) was able to record profits that were more than double that of 2018.

According to GuyOil’s 2019 annual report, the company recorded US$2.587 billion in net profit after tax at 63.1% over the US$1.586 billion after tax profit recorded in 2018.

“Higher net profit was a result of higher gross profit, since total expenses only increased marginally,” it explains.