Monday, 27 May 2024, went down as a good one for the Bulk Energy Storage and Transportation Limited Company.
At an eventful CEOs Summit held at the Kempinski Gold Coast City Hotel in Accra, the Managing Director, Dr. Edwin Alfred Provencal and the Chairman of the Board, Mr. Ekow Hackman were given special recognition as ‘Outstanding CEO of the Year’ and ‘Board Chairman of the year’ respectively.
The recognition according to their respective citations was for the great transformation the two have led at the company, turning its fortunes around and making it the best-run state-owned enterprise in the country.
Indeed, within a twelve-month period, the company moved from number eight to four on the Public Enterprise League Table and is tipped to do better at the next ranking of state-owned enterprises.
Recounting the state of the business by end of financial year 2016, the company had run three successive years of losses with the highest of GHS459 million (in 2016) at the back of deteriorating infrastructure which had reduced its revenue earning assets to a paltry 18%.
Among other things, it was also indebted to its suppliers and related parties in excess of $600 million and heavily indebted to the domestic banks in excess of GHS400 million. With three out of six depots across the country grounded and all marine assets non-operational, the company was in a tight corner.
Fast forward to 2021, the company made a profit of GHS163 million and more than doubled the figure to declare a profit after tax of GHS342 million in the 2022 financial year. Its revenue assets have improved from the 18% to 95% to date with all six depots, all pipelines and all marine assets in full operation fetching varied volumes of revenue.
Among other things, the performance of the company was given a continent-wide-recognition in the year 2023 in Kenya where it was recognised as the ‘most transformed public enterprise in Africa’. Indeed, this is a tremendous improvement in the company’s situation and the recognition accorded the duo was in order.
Dr. Provencal and Mr. Hackman praised the company’s management team for their cooperation and all members of staff for their wonderful contributions which has brought the company thus far.
The former President, John Dramani Mahama was the guest of honour at the event and people from all across the sectors of the company were represented at the event.
