The Tema Oil Refinery (TOR) has reported a net profit of GHS 1.093 billion in 2025, marking its first profitable year in nearly a decade. This significant financial turnaround, detailed in the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), represents a substantial reversal from a net loss of GHS 745.27 million recorded in 2024.
This impressive shift of approximately GHS 1.84 billion positions TOR as a key success story within the government’s portfolio of State-owned enterprises (SOEs). TOR was one of six prominent State-owned entities that moved from negative financial positions in 2024 to positive results in 2025. This development is particularly crucial for TOR, a strategic national asset whose long-standing financial struggles have been a major concern within Ghana’s vital petroleum downstream industry.
TOR’s return to profitability aligns with a strong recovery across the broader Energy category, which ended a four-year loss cycle in 2025. The Energy sector moved from a net loss of GHS 4.662 billion in 2024 to a net profit of GHS 4.412 billion in 2025, with all petroleum and gas entities reporting profits. This positive trend underscores a broader improvement in the financial health of Ghana's energy-related state-owned companies, reflecting concerted efforts to stabilize and enhance their operations.
Mr. Edmond Kombat, CEO of TOR, oversees this notable achievement. The 2025 State Ownership Report highlights that the wider SOE portfolio also experienced a significant improvement, moving from a consolidated net loss of GHS 2.259 billion in 2024 to a net profit of GHS 19.800 billion in 2025. This overall recovery was partly due to a 42.49 percent reduction in finance costs across the SOE portfolio, decreasing from GHS 6.381 billion to GHS 3.670 billion.
SIGA attributes this reduction in financing costs to several factors, including a stronger cedi, successful debt settlements, and reduced foreign-currency exposures. The broader SOE recovery also benefited from increased revenue, with aggregate revenue rising by 28.12 percent, from GHS 137.643 billion in 2024 to GHS 176.432 billion in 2025. Core operating revenue saw an even sharper increase of 39.15 percent, reaching GHS 148.514 billion, indicating improved operational efficiency.
However, the report does not provide specific details on the operational measures or revenue streams that directly led to TOR’s GHS 1.093 billion profit. SIGA cautions that some improvements across the State ownership portfolio, especially in the Energy and Infrastructure sectors, were influenced by favorable foreign-exchange movements, grants, and other non-recurring factors. This raises important questions about the long-term sustainability of TOR's newfound profitability and its ability to maintain this positive trajectory.
Decision-makers and market observers will closely monitor TOR's future performance to assess if the 2025 result translates into durable operational strength. SIGA emphasizes that the broader State ownership portfolio must now convert this recovery into stronger cash generation, greater dividend capacity, and improved public-service outcomes. Sustaining this financial health will require continued strategic management and operational efficiencies, moving beyond one-off gains to establish a robust and resilient financial foundation for the refinery and other SOEs.