TOR records GH¢1.24bn profit in 2025 after a decade of losses
The Tema Oil Refinery (TOR) recorded a profit before tax of GH¢1.24 billion in 2025, marking its first return to profitability in a decade, Managing Director Edmond Kombat has disclosed.
The Tema Oil Refinery (TOR) reported a remarkable turnaround in 2025, generating a profit before tax of GH¢1.24 billion, marking the first profitable year in a decade, according to Managing Director Edmond Kombat. The financial improvement was attributed to prudent management, enhanced commercial operations, and measures aimed at bolstering the refinery's financial standing after years of losses and mounting liabilities.
Speaking at the Government Accountability Series at Jubilee House on October 26, 2026, Kombat detailed significant progress made by the refinery under President John Dramani Mahama's administration. He highlighted a decline in trade and other payables from GH¢7.1 billion to GH¢5 billion within a year, and a reduction in receivable days from 1,099 to 652.
Kombat emphasized that these improvements underscored the company's commitment to rebuilding its commercial operations, strengthening accountability, and regaining the confidence of business partners. Notably, commercial operations contributed to a revenue growth of over 36 percent in 2025, with revenue surging nearly 60 percent as of September 2026.
Management also reported the recovery of outstanding receivables, the enhancement of financial controls, and the ongoing upgrade of the refinery's Quality Control Laboratory. These results represent a substantial shift from the challenging financial position TOR inherited in May 2025, marked by losses of around GH¢10 billion and debt estimated at US$517 million.
Kombat further revealed the refinery's pursuit of a financial restructuring program, which includes independent assessments of liabilities and discussions with various creditors, such as the Ghana Revenue Authority and SSNIT, to establish sustainable repayment arrangements. The Ministry of Finance is collaborating with TOR to explore the possibility of writing off US$120 million in legacy debt owed to the government or converting it into equity.
Kombat expressed confidence in the team's dedication to sustaining the financial gains and achieving even better results in 2026.
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