CEO of PHDC, Tony Aubynn
The Petroleum Hub Development Corporation (PHDC) recorded a GH¢12.28 million net surplus in 2025, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The surplus was marginally lower than the GH¢12.76 million recorded in 2024, as higher operating expenditure offset modest revenue growth during the year.
Revenue rises, government support declines
SIGA reported that PHDC’s total revenue increased by 1.85% to GH¢52.74 million in 2025, from GH¢51.78 million in 2024.
The report said the National Petroleum Authority (NPA) margin remained the Corporation’s principal source of income, accounting for 94.65% of total revenue.
Government subvention, however, declined significantly by about 71%, falling from GH¢8.07 million in 2024 to GH¢2.38 million in 2025.
PHDC’s internally generated funds increased to GH¢49.92 million, up from GH¢42.76 million in the previous year.
Expenditure increases
Total expenditure rose by 3.66% to GH¢40.45 million, compared with GH¢39.02 million in 2024.
As a result, PHDC’s net surplus declined slightly, while its net surplus margin fell from 24.65% to 23.29%. Return on equity also declined from 43.86% to 30.49%.
Assets grow to GH¢47.55 million
PHDC’s total assets increased by 55.9% to GH¢47.55 million in 2025, from GH¢30.51 million in 2024.
The Corporation’s accumulated fund also grew to GH¢40.28 million.
Current assets increased from GH¢22.74 million to GH¢36.36 million, driven largely by prepayments relating to the Corporation’s new office building and receivables from the Unified Petroleum Price Fund (UPPF) managed by the NPA.
Liquidity remains strong despite higher liabilities
SIGA said PHDC maintained a strong liquidity position, although its current ratio declined from 16.10:1 in 2024 to 5.00:1 in 2025.
The decline followed a sharp increase in current liabilities, which rose by more than 400% from GH¢1.41 million to GH¢7.27 million.
Short-term debt coverage also declined from 149.53% to 136.35%, reflecting weaker conversion of receivables into cash for settling short-term obligations.
The Corporation had GH¢7.27 million in trade and other payables at the end of 2025 and reported no interest-bearing debt.
Funding challenge for Petroleum Hub project
SIGA noted that PHDC’s debt-to-asset ratio remained low at about 0.15, indicating limited reliance on debt financing.
However, the report said the Corporation requires dedicated government funding to invest in infrastructure on the Petroleum Hub project lands to attract private investors.
It added that the current UPPF margin received through the NPA is insufficient to finance the scale of investment required for the Petroleum Hub project.
