Despite declining sales, Guyana Oil Company (Guyoil) doubles profit

The Guyana Oil Company (Guyoil) has registered profits despite declining sales. According to GuyOil’s 2019 annual report, the company recorded $2.587 billion in net profit after tax at 63.1% over the $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,” the report states. 

The report further states that the $6.071 billion in gross profit was a result of higher margins since acquisition prices were favourable. 

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