The Tema Oil Refinery (TOR) recorded a net profit of GHS1.09 billion in 2025, marking a significant turnaround from the GHS745.27 million net loss recorded in 2024.
According to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), TOR’s net profit stood at GHS1,093.06 million for the year under review.
The refinery’s performance represents a year-on-year improvement of GHS1.84 billion, as the company moved from a loss-making position in 2024 to a substantial positive result in 2025.
TOR also recorded strong growth in revenue, which increased by 172.03 per cent year-on-year to GHS1,970.88 million in 2025.
The refinery’s total assets stood at GHS3,434.90 million as of the end of 2025.
The figures were contained in SIGA’s 2025 State Ownership Report, which provides financial and operational assessments of state-owned enterprises.
The improved performance comes amid efforts to strengthen the operations and financial position of Ghana’s sole state-owned oil refinery and enhance its role in the country’s petroleum downstream sector.
TOR’s return to profitability is expected to reinforce ongoing efforts to position the refinery as a commercially viable entity capable of contributing more significantly to Ghana’s energy security and economic development.
