The Bulk Energy Storage and Transportation (BEST) has over the last four years recorded a cummulative profit after tax of about GH¢881million, the Managing Director of the company, Dr Alfred Provencal, has disclosed.
The turn around of the company from a loss making entity as of 2017 to a profitable one, he said was due to the new lease of operational efficiency introduced by the board and management.
Taking his turning at the Minister's biweekly briefings organised by the Ministry of Information in Accra yesterday, Mr Provencal said the company had also moved its revenue-earning assets from 18 per cent in 2017 to 98 per cent as of the end of the October.
He explained from a near bankrupt situation, BEST could be counted as one of the best performing corporate entities, both state-owned and private sector in the country.
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The Managing Director said the successes chalked by the current management was not only in terms of the profitability achieved over the period, but also clearing of its books.
He said the trade debts and loans inherited in 2017 by the Akufo-Addo government totalling about GH¢ 384million had been fully paid off.
Furthermore, he said the $38million claims made by its customers which got reduced to $9million after auditing had also been paid in full.
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Dr Provencal explained that his outfit was going through dramatic changes including the resolution of long-standing tax arrears with its audited accounts now being current.
In addition to the debt clearance, he said that BEST had implemented several strategies to boost revenue generation.
These strategies he said included the completion of critical projects like the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline, which now operated with leak detection systems to secure the country's fuel infrastructure.
"Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth," the MD emphasised.
Dr Provencal attributed the financial turnaround to his strong corporate governance and operational discipline.
He stated that the financial achievement highlighted BEST's strategic management approach that had positioned it as a model for Ghanaian state-owned enterprises.
"BEST is on a path to sustainability, not just in finances but in energy solutions for Ghana," he emphasised.
