Tema Oil Refinery recorded a TOR profit before tax of GH¢1.24 billion in 2025, marking the state owned refinery’s first return to profitability in a decade.
Managing Director Edmond Kombat disclosed the figure at the Government Accountability Series at Jubilee House on Monday, October 26, saying improved macroeconomic conditions and tighter financial management contributed to the turnaround.
“TOR recorded a profit before tax for 2025 of GH¢1.24 billion, its first return to profit in a decade according to SIGA,” Mr Kombat said.
The State Interests and Governance Authority had earlier confirmed the GH¢1.24 billion profit based on TOR’s audited 2025 financial statements.
Financial Position Improves
Mr Kombat said the refinery had also made progress in repairing a balance sheet weakened by years of losses, debt and limited operations.
“What even matters more is that our negative equity reduced from 7.1 billion in 2024 to 5 billion in 2025,” he said.
The refinery has also cleared years of outstanding financial statements, with accounts covering 2019 to 2025 completed as management attempts to strengthen financial reporting and accountability.
TOR Highlights Compliance and Jobs
Mr Kombat said TOR placed second among public institutions in the Ministry of Finance’s inaugural Public Financial Management Compliance League Table.
He cited the ranking as evidence of efforts to improve statutory compliance and financial controls at the refinery.
TOR’s restoration programme has also created employment for engineers, temporary workers and local contractors.
Management says 1,657 direct permanent and temporary jobs have been generated through restoration and maintenance activities, alongside thousands of indirect opportunities.
The challenge now is sustaining the financial improvement while restoring reliable refining operations and reducing the refinery’s remaining liabilities.
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