By Toma IMIRHE & Kofi AHOVI
Several companies listed on the Ghana Stock Exchange have announced their unaudited financial statements for the year ended 2010.
FAN MILK LIMITED
Fan Milk which has a near stronghold on Ghana’s consumer market for frozen dairy products has announced a 25.8% rise in revenues to Gh¢103.775 million, up from Gh¢82.471 million in 2009. This enabled the company increase its gross profits by 26.3%, and with non-production costs rising more leisurely, operating profit rose by 29.2% to reach Gh¢24.552 million in 2010, up from Gh¢18.998 million in the previous year.
Pre-tax profits for 2010 were Gh¢25.813 million, up 27.9% on the previous year’s Gh¢20.175 million and net profit after tax climbed to Gh¢19.314 million, up 27.4% over 2009’s figure of Gh¢15.156 million. Earnings per share thus climbed by 23% to 16 pesewas, up from 13 pesewas in the previous year.
The company’s total assets also grew in 2010 by 33.8% to Gh¢68.391 million, by the end of the year up from Gh¢51.114 million a year earlier. This was propelled in the main by a sharp increase in bank and cash balances as the bank achieved a considerably higher level of liquidity by the end of 2010 compared with the position a year earlier.
UNILEVER GHANA
Unilever Ghana, the country’s biggest manufacturer of fast moving consumer goods reports that its performance improved in 2010 compared with the previous year. Group revenue from operations rose to Gh¢181.2 million in 2010, up 10.6% over the Gh¢163.9 million made in 2009, this resulting from higher demand coupled with improved marketing strategies. Enhanced operational efficiencies, improved profit mix and a relatively stable exchange rate enabled the company to dramatically improve its operating margin to 14.9% in 2010, up from just 3.2% in 2009. Consequently, operating profit rose to Gh¢27.1 million, in 2010 up 411.3% over the Gh¢5.3 million earned in the prior year.
Improved financial income and drastically lower finance costs (which dropped to Gh¢263,000) in 2010 from Gh¢1.298 million in 2009, allowed pre-tax profits to climb even faster, by a massive 803.4% to reach Gh¢25.087 million, up from Gh¢2.777 million in 2009. Growth in net profit after tax, was lower though still extremely formidable at 445.9%, rising to Gh¢22.814 million in 2010 from Gh¢4.179 million in 2009.
The company’s fortunes were further improved in 2010 by actual gains of Gh¢1.571 million on pensions before tax, a reversal of actual losses of Gh¢4.603 million in 2009. Conversely though the company took an income tax hit of Gh¢393,000 relating to other comprehensive income, in contrast to the tax gains of Gh¢1.151 million garnered in 2009.
All this resulted in tremendous growth in earnings per share, of 1,362.7%, from two pesewas per share in 2009 to 30.6 pesewas per share in 2010.
TOTAL PETROLEUM GHANA
Total Petroleum, the oldest petroleum marketing company listed on the GSE enjoyed significant across-the-board growth in revenues, profits and assets, last year according to its unaudited financial statements for 2010.
Turnover was up 36.1% to reach Gh¢738.35 million, compared with Gh¢542.44 million in 2009 and slower growth in production costs enabled gross profit to rise by 62% to Gh¢64.883 million, up from Gh¢40.046 million in the previous year. Operating costs growth was curbed as well, resulting in a 163% increase in operating profit which grew to Gh¢19.175 million in 2010, up from Gh¢7.29 million in 2009.
Although other income fell by nearly a third in 2010, the company improved its interest income and dramatically lowered its interest expenses, thus reversing 2009’s net finance cost of Gh¢2.08 million into net finance income of Gh¢607,000 in 2010. Consequently, profit before tax rose in 2010 to Gh¢27.45 million, from Gh¢16.16 million in 2009, a growth of 69.9% although a sharp increase in tax liabilities made profit after tax to grow a bit slowly, by 60%, to Gh¢21.07 million, up from Gh¢13.17 million in 2009.
Earnings per share thus rose to Gh¢1.5065, up 60% on the Gh¢0.9415 achieved in the previous year.
BENSO OIL PALM PLANTATION
Institutional investors interested in buying a controlling stake in Benso Oil Palm Plantation from Unilever Ghana will be encouraged by the company’s performance in 2010. Revenues increased by 24% from Gh¢15.6 million in 2009 to Gh¢19.4 million in 2010, helped by a 30% increase in the average crude palm oil price.
Conversely, operating profit for 2010 grew strongly to Gh¢2.375 million, up 203% on the Gh¢783,000 earned in 2009. However, other income declined to Gh¢293,000 in 2010, down from Gh¢810,000 in the previous year and so pre-tax profits grew more slowly, by 67% to reach Gh¢2.668 million, up from Gh¢1.593 million in the previous year.
Profit after tax increased by 62% from Gh¢1.65 million in 2009 to Gh¢2.67 million. Benso Oil Palm Plantation attributes its significantly improved performance primarily to the upward trend in crude palm oil and palm kernel oil prices as well as the positive impact of cost savings initiatives embarked upon by the business.
Earnings per share thus rose to Gh¢0.0767, up 61.5% on the Gh¢0.0475 achieved in the previous year.
TRUST BANK LIMITED (THE GAMBIA)
The Trust Bank Limited of the Gambia, listed on the GSE as a result of the first ever cross border listing in West Africa, a few years ago, enjoyed increased total net revenues in 2010 but failed to convert this into significantly improved profits. Total net revenue for last year rose by 6% on the back of 16% growth in fees and commission income, 32% growth in foreign exchange revenue and 116% in other revenue all of which negated an 11% fall in net interest income.
However, operating costs grew by 14%, thus resulting in a 7% fall in operating profits. A 21% reduction in provision for credit losses, meant that pre-tax profits only fell by 3% to 104,681 Gambian dalasi, from 108,301 in 2009 and a 20% reduction in income tax expenses allowed the bank’s profit after tax to rise by 8% to reach 69,854 Gambian dalasi for 2010, up from 64,948 in 2009.
Earnings per share were up by 12% in 2010.
Several companies listed on the Ghana Stock Exchange have announced their unaudited financial statements for the year ended 2010.
FAN MILK LIMITED
Fan Milk which has a near stronghold on Ghana’s consumer market for frozen dairy products has announced a 25.8% rise in revenues to Gh¢103.775 million, up from Gh¢82.471 million in 2009. This enabled the company increase its gross profits by 26.3%, and with non-production costs rising more leisurely, operating profit rose by 29.2% to reach Gh¢24.552 million in 2010, up from Gh¢18.998 million in the previous year.
Pre-tax profits for 2010 were Gh¢25.813 million, up 27.9% on the previous year’s Gh¢20.175 million and net profit after tax climbed to Gh¢19.314 million, up 27.4% over 2009’s figure of Gh¢15.156 million. Earnings per share thus climbed by 23% to 16 pesewas, up from 13 pesewas in the previous year.
The company’s total assets also grew in 2010 by 33.8% to Gh¢68.391 million, by the end of the year up from Gh¢51.114 million a year earlier. This was propelled in the main by a sharp increase in bank and cash balances as the bank achieved a considerably higher level of liquidity by the end of 2010 compared with the position a year earlier.
UNILEVER GHANA
Unilever Ghana, the country’s biggest manufacturer of fast moving consumer goods reports that its performance improved in 2010 compared with the previous year. Group revenue from operations rose to Gh¢181.2 million in 2010, up 10.6% over the Gh¢163.9 million made in 2009, this resulting from higher demand coupled with improved marketing strategies. Enhanced operational efficiencies, improved profit mix and a relatively stable exchange rate enabled the company to dramatically improve its operating margin to 14.9% in 2010, up from just 3.2% in 2009. Consequently, operating profit rose to Gh¢27.1 million, in 2010 up 411.3% over the Gh¢5.3 million earned in the prior year.
Improved financial income and drastically lower finance costs (which dropped to Gh¢263,000) in 2010 from Gh¢1.298 million in 2009, allowed pre-tax profits to climb even faster, by a massive 803.4% to reach Gh¢25.087 million, up from Gh¢2.777 million in 2009. Growth in net profit after tax, was lower though still extremely formidable at 445.9%, rising to Gh¢22.814 million in 2010 from Gh¢4.179 million in 2009.
The company’s fortunes were further improved in 2010 by actual gains of Gh¢1.571 million on pensions before tax, a reversal of actual losses of Gh¢4.603 million in 2009. Conversely though the company took an income tax hit of Gh¢393,000 relating to other comprehensive income, in contrast to the tax gains of Gh¢1.151 million garnered in 2009.
All this resulted in tremendous growth in earnings per share, of 1,362.7%, from two pesewas per share in 2009 to 30.6 pesewas per share in 2010.
TOTAL PETROLEUM GHANA
Total Petroleum, the oldest petroleum marketing company listed on the GSE enjoyed significant across-the-board growth in revenues, profits and assets, last year according to its unaudited financial statements for 2010.
Turnover was up 36.1% to reach Gh¢738.35 million, compared with Gh¢542.44 million in 2009 and slower growth in production costs enabled gross profit to rise by 62% to Gh¢64.883 million, up from Gh¢40.046 million in the previous year. Operating costs growth was curbed as well, resulting in a 163% increase in operating profit which grew to Gh¢19.175 million in 2010, up from Gh¢7.29 million in 2009.
Although other income fell by nearly a third in 2010, the company improved its interest income and dramatically lowered its interest expenses, thus reversing 2009’s net finance cost of Gh¢2.08 million into net finance income of Gh¢607,000 in 2010. Consequently, profit before tax rose in 2010 to Gh¢27.45 million, from Gh¢16.16 million in 2009, a growth of 69.9% although a sharp increase in tax liabilities made profit after tax to grow a bit slowly, by 60%, to Gh¢21.07 million, up from Gh¢13.17 million in 2009.
Earnings per share thus rose to Gh¢1.5065, up 60% on the Gh¢0.9415 achieved in the previous year.
BENSO OIL PALM PLANTATION
Institutional investors interested in buying a controlling stake in Benso Oil Palm Plantation from Unilever Ghana will be encouraged by the company’s performance in 2010. Revenues increased by 24% from Gh¢15.6 million in 2009 to Gh¢19.4 million in 2010, helped by a 30% increase in the average crude palm oil price.
Conversely, operating profit for 2010 grew strongly to Gh¢2.375 million, up 203% on the Gh¢783,000 earned in 2009. However, other income declined to Gh¢293,000 in 2010, down from Gh¢810,000 in the previous year and so pre-tax profits grew more slowly, by 67% to reach Gh¢2.668 million, up from Gh¢1.593 million in the previous year.
Profit after tax increased by 62% from Gh¢1.65 million in 2009 to Gh¢2.67 million. Benso Oil Palm Plantation attributes its significantly improved performance primarily to the upward trend in crude palm oil and palm kernel oil prices as well as the positive impact of cost savings initiatives embarked upon by the business.
Earnings per share thus rose to Gh¢0.0767, up 61.5% on the Gh¢0.0475 achieved in the previous year.
TRUST BANK LIMITED (THE GAMBIA)
The Trust Bank Limited of the Gambia, listed on the GSE as a result of the first ever cross border listing in West Africa, a few years ago, enjoyed increased total net revenues in 2010 but failed to convert this into significantly improved profits. Total net revenue for last year rose by 6% on the back of 16% growth in fees and commission income, 32% growth in foreign exchange revenue and 116% in other revenue all of which negated an 11% fall in net interest income.
However, operating costs grew by 14%, thus resulting in a 7% fall in operating profits. A 21% reduction in provision for credit losses, meant that pre-tax profits only fell by 3% to 104,681 Gambian dalasi, from 108,301 in 2009 and a 20% reduction in income tax expenses allowed the bank’s profit after tax to rise by 8% to reach 69,854 Gambian dalasi for 2010, up from 64,948 in 2009.
Earnings per share were up by 12% in 2010.
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