Press Corporation Limited has posted a K75 billion profit for the year ended December 31 2023, published preliminary results for the company show.
This represents a 107 percent jump from K36.3 billion profit the conglomerate recorded in 2022.
The statement says all the company’s subsidiaries posted profits in the year under review, except its telecommunications companies TNM and MTL, which reported a combined K9.99 billion loss.
National Bank of Malawi posted a profit after tax of K71.96 billion, representing a 55 percent increase from K46.56 billion in 2022. Press Cane Limited and Ethanol Company Limited reported a combined profitability increase of 170 percent to K11.6 billion from K4.3 billion in 2022.
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PCL Company, the Foods Company Limited and Press Properties Limited registered a profit increase of 132 percent to K23.2 billion in 2023 from K9.6 billion in the previous year.
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PCL Chief Executive Officer Ronald Mangani said the growth has been driven by strong revenue performances in the financial services and energy segments.
This, he said, is coupled with an increase in the group’s share of profit after tax from equity accounted investments.
He said the short-term outlook for the economy remains uncertain.
“Looking forward to December 2024, constraints on production and provision of services as posed by forex challenge, power shortages, the impact of inflation on costs, and ongoing devaluation-led wage pressure will continue to impact results that can be achieved.
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“Considering the aforementioned, a new Strategic Plan for PCL is poised to propel the conglomerate towards sustainable growth through profitable portfolio management, cost containment strategies, effective exploitation of synergies and good corporate governance, among other strategic pursuits,” Mangani said.
PCL Chairman Randson Mwadiwa said the total dividend payable for the year under review will be K5.5 billion, representing K46 per ordinary share, depending on approval at the annual general meeting scheduled for July 2024.
