The Tema Oil Refinery (TOR) has recorded its first profit in a decade, posting a Profit Before Tax of GH¢1.24 billion in 2025, according to the State Interests and Governance Authority (SIGA).
The impressive turnaround comes after years of financial struggles and has been hailed by SIGA as a major milestone in the refinery’s recovery efforts.
SIGA also commended TOR’s Board, Management, and Staff for submitting six years of outstanding audited financial statements covering the period from 2019 to 2025.
According to the audited reports, TOR’s strong performance was driven by significant revenue growth, a foreign exchange gain of GH¢1.3 billion from improved financial management strategies, and an increase in associate profit to GH¢155 million.
The refinery also made progress in reducing its debt burden, with trade and other payables falling from GH¢7.1 billion in 2024 to GH¢5 billion in 2025.
Receivables management improved substantially, with receivable days dropping from 1,099 days to 652 days.
SIGA further highlighted the completion of Turnaround Maintenance (TAM) activities and the successful refining of approximately 600,000 barrels of crude oil as evidence of TOR’s renewed operational strength.
The Authority attributed the achievement to strong leadership, improved corporate governance, operational reforms, and the commitment of staff and management.
It also praised the Board’s support in debt restructuring, cost-control measures, receivables recovery, and investments in critical infrastructure, including the Crude Distillation Unit (CDU) and Residue Fluid Catalytic Cracker (RFCC).
Despite the positive results, SIGA noted that challenges such as liquidity pressures, retained deficits, and balance sheet restructuring remain.
However, it expressed confidence in TOR’s recovery trajectory and urged management to maintain the momentum toward long-term profitability and national energy security.
The latest results mark a significant comeback for TOR after years of losses and operational difficulties.
