RIO DE JANEIRO, BRAZIL - Despite a reduction in sales due to a loss of public trust, the Guyana Oil Company (GuyOil) was able to record profits that were more than double that of 2018.
According to GuyOil’s 2019 annual report, the company recorded US$2.587 billion in net profit after tax at 63.1% over the US$1.586 billion after tax profit recorded in 2018.
“Higher net profit was a result of higher gross profit, since total expenses only increased marginally,” it explains. The report also states that the US$6.071 billion in gross profit was . . .