Ghana: ZEN Petroleum posts GH¢172.6m profit in first half after stock-market debut

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Editorial responsibility: Paul Arnaud DEGUENON, journalist and business development expert.

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Listed since April, the fuel distributor reported GH¢3.56 billion in six-month revenue alongside negative operating cash flow.

ZEN Petroleum Holdings, listed on the Ghana Stock Exchange since April, posted a net profit of GH¢172.6 million on revenue of GH¢3.56 billion for the six months ended September 30, 2026. The unaudited figures, released on October 30, cover the first half of its 2026-27 financial year and its first months as a listed company.

The fuel and lubricants distributor generated GH¢367.1 million in gross profit, equivalent to 10.3% of revenue. Its earnings also included GH¢43.9 million in other income, of which GH¢31.4 million came from the disposal of property and equipment, a material contribution to first-half profitability.

The results follow the company’s April 22 stock-market debut. ZEN raised GH¢640 million by issuing 128 million shares at GH¢5 each, representing 20% of its enlarged share capital. The half-year accounts record GH¢614.8 million in net share-issue proceeds, with the capital raise primarily intended to support working capital across its subsidiaries.

Large inventories weigh on operating cash flow

At the end of September, the group reported GH¢1.00 billion in equity and GH¢85.5 million in cash, with no borrowings. Inventories stood at GH¢656.6 million, however, while operating activities used GH¢13.6 million in net cash over the half-year. The company attributed the cash movement partly to GH¢62.3 million in tax payments and working-capital changes involving inventories and supplier balances.

Capital expenditure totalled GH¢44 million during the period, alongside GH¢34.1 million in proceeds from asset disposals. ZEN also paid a GH¢600 million dividend that had been recognised in the financial year ended March 2026. These cash flows are disclosed in its first half-year results since joining Ghana’s equity market.

Incorporated as a holding company in December 2025, ZEN operates through five subsidiaries involved in sourcing, storing, transporting and distributing petroleum products to customers including mining businesses and filling stations. For the second half of the financial year, it plans to expand its retail network while managing costs and working capital.

Large inventories weigh on operating cash flow

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