2006 Half-Year Performances of some listed companies
(As reported by the Chonicle 18th August 2006.Story
by Joseph Coomson)
Of the twenty four companies listed companies
that the Business Chronicle have access to the half-year performances,
fifteen made profits whilst nine made losses.
Below are the listed companies and their performances.
CFAO’s Half-Year Results For the half-year ended June 30, 2006, CFAO Ghana Ltd (CFAO) recorded a turnover of ¢121,608 million representing a 20.26% increase over the same period last year. However, the 25.36% increase in cost of sales, resulted in a 2.70% fall in gross profit to ¢17,870 million. CFAO’s net profit fell by 0.76% over the same period last year to ¢3,570 million. Although compared to the same period last year, CFAO has recorded a drop in net profit, its performance in the second quarter was better than in the first, resulting in a fall in price/earning (P/E) ratio from 18x to 13x.
MOGL’s 2006 Half-Year Results Mobil Oil Ghana Ltd’s (MOGL’s) turnover for the half year ended June 30, 2006 was ¢614,770 million, representing a 0.90% increase over the same period last year. The company’s general administrative and selling expenses fell by 21.88% to ¢41,564 million over the same period last year. MOGL also recorded falls of 8.44% and 34.68% in other income and financial charges to ¢11,821 million and ¢2,573 million respectively. These resulted in a 71.80% increase in net profit to ¢16,553 million over the same period in 2005. The price earning (P/E) ratio is down to 8x from 10x.
FML’s Half-Year Results Fan Milk Ltd (FML) recorded a turnover of ¢159,454 million, which represent a 9.75%, increase over the same period last year. Although selling, general & administrative expenses and finance costs increased by 9.75% and 206.85% to ¢34,668 million and ¢1,479 million respectively, the company recorded a 31.85% increase in net profit to ¢16,237 million over the same period in 2005.
SG-SSB’s Half-Year Results For the half year ended June 30, 2006, SG-SSB Ltd (SG-SSB) recorded a net interest income of ¢151,063 million which represents a 5.13% increase over the same period in 2005.
Although SG-SSB recorded an 11.44% increase in other income to ¢85,090 million, the bank recorded a 10.97% fall in net profit to ¢52,198 million over the same period last year.
ABL’s Half-Year Results Accra Brewery Ltd’s (ABL’s) turnover for the half year ended June 30, 2006 increased by 16.60% to ¢54,863 million over the same period last year. However, the company recorded a 45.32% increase in fixed costs to ¢29,965 million and an 88.33% fall in other income to ¢7 million, resulting in an operating loss of ¢4,158 million compared to an operating profit of ¢1,422 million for the same period in 2005. The company attributes the rise in fixed costs to the increase in price of sugar and oil.
ABL recorded a net loss of ¢4,227 million compared to a loss of ¢630 million for the same period a year ago, and a loss of ¢2,471 recorded for the year ended March 31, 2006.
CAL’s Half-Year Results CAL Bank Ltd (CAL) released its half year results ended June 30, 2006, recording a 28.56% increase in interest income to ¢74,924 million over the same period in 2005. Other operating income, mainly from foreign exchange trading increased from ¢4,502 million last year to ¢22,294. CAL Bank recorded a 68.50% and 58.97% increase in loans & advances and deposits to ¢607,523 million and ¢778,313 million respectively. CAL’s net profit was up by 59.56% to ¢22,549 million over the same period last year. The price/earning (P/E) ratio is down to 7x making it one of the attractive equities on the GSE.
UNIL’s Half-Year Results For the half year ended June 30, 2006, UNIL recorded a 6.70% increase in turnover to ¢557,331 million over the same period last year. UNIL’s operating cost increased by 1.80% to ¢484,461 million resulting in a 56.89% increase in operating profit to ¢72,870 million over the same period in 2005. However, the reduction in other income from ¢30,553 million to ¢1,837 million contributed to the 13.82% fall in net profit to ¢53,564 million.
UNIL attributes the fall in other income to end of its real estates sales.
TBL’s Half-Year Results Trust Bank Ltd, The Gambia, (TBL) recorded a 92.46% increase in net interest income to D67.54 million for the half-year ended June 30, 2006. The bank also recorded a 13.26% increase in loans and advances to D902.76 million over the same period last year. TBL’s net profit increased by 67.63% to D59.77 million over the same period in 2005. ($1=D28.05)
EIC’s Half-Year Results Enterprise Insurance Company Ltd (EIC) released its financial statements for the half-year ended June 30, 2006. EIC’s gross premium was up by 27.44% to ¢126,870 million over the same period last year. Although claims incurred and commissions paid increased by 40.86% and 134.38% to ¢13,767 million and ¢5,754 million respectively, underwriting profit was up by 56.60% to ¢15,688 million. Investment income also increased by 33.33% to ¢6,491 million contributing to the 103.35% increase in profit after tax to ¢14,790 million over the same period last year.
CMLT’s Half-Year Results Camelot Ghana Ltd (CMLT) released its half year results ended June 30, 2006, recording a turnover of ¢5,353 million compared to ¢5,686 million recorded for the same period last year. CMLT recorded a 21.44% increase in cost of sales, resulting in a 31.54% fall in gross profit to ¢2,074 million. The company’s net profit was down to ¢40 million compared to ¢273 million recorded for the same period in 2005.
SPL’s Half-Year Results Starwin products Ltd (SPL) recorded a turnover of ¢5,484 million for the half year ended June 30, 2006, representing a 0.53% increase over the same period last year. The company also recorded a 31.78% increase in cost of sales which resulted in a 14.80% increase in gross profit to ¢4,256 million.
Although other income increased by 29.53% to ¢25 million and interest income increased from ¢4 million to ¢106 million, SPL’s net profit fell by 41.53% to ¢742 million.
PKL’s Half-Year Results For the half year ended June 30, 2006, Pioneer Kitchenware Ltd (PKL) recorded a turnover of ¢9,117 million which represents a 12.17% fall over the same period last year. PKL’s cost of sales fell by 35.34% to ¢5,925 million resulting in a gross profit of ¢3,193 million compared to ¢1,218 million recorded for the same period last year. The company’s general & administrative expenses increased by 61.97% to ¢2,844 million, mainly as a result of inflation and the cost of installing new accounting processes and software. PKL’s interest charges increased from ¢494 million to ¢891 million resulting from charges on short-term loans and overdraft facilities supporting working capital operations. PKL recorded a net loss of ¢428 million compared to a loss of ¢891 million recorded for the same period last year.
BAT’s Half-Year Results British American Tobacco Company Ltd’s (BAT’s) turnover for the half year ended June 30, 2006 was ¢105,344 million which represents a 3.26% increase over the same period in 2005. Although BAT recorded an expense of ¢678 million compared to an income of ¢1,446 million, the company’s net profit was up by 8.58% to ¢16,432 million over the same period last year.
SCB’s Half-Year Results Standard Chartered Bank Ltd (SCB) recorded an interest income of ¢345,156 million for the half year ended June 30, 2006. This represents a 20.35% increase over the same period last year. The bank’s loans & advances increased by 24.84% to ¢2,092 billion over the same period in 2005. The fall in provision for bad debts and taxation from ¢34,596 million to ¢2,750 million contributed to SCB recording a net profit of ¢151,059 million, representing a 55.51% increase over the same period last year. This has decreased the price/earnings (P/E) ratio of the company from 9x to 8x.
GCB’s Half-Year Results For the half-year ended June 30, 2006, Ghana Commercial Bank Ltd (GCB) recorded an interest income of ¢457,616 million representing a 24.46% increase over the same period last year. Although customer deposits increased by 22.25% to ¢5,405 billion, loans & advances fell by 7.78% to ¢2,172 billion. GCB’s operating expenses increased by 28.84% to ¢411,912 million, contributing to the 13.87% fall in profit after tax to ¢56,198 million over the same period last year.
EBG’s Half-Year Results Ecobank Ghana Ltd’s (EBG’s) interest income for the half-year ended June 30, 2006 was ¢199,060 million, representing a 37.04% increase over the same period last year. Although interest expense and operating expense increased by 49.50% and 24.55% to ¢56,145 million and ¢106,100 million, operating profit was up 22.87% to ¢110,417 million. EBG’s customer deposits and loans & advances increased by 43.53% and 48.39% to ¢2,866 billion and ¢1,387 billion respectively. Net profit for the period was ¢77,745 million, which represents a 30.14%, increase over the same period last year.
HFC’s Half-Year Results HFC Bank Ltd’s (HFC’s) interest income for the half year ended June 30, 2006 increased by 2.14% to ¢50,223 million over the same period last year. HFC’s commission & fees and other operating income increased by 68.38% and 313.27% to ¢6,895 million and ¢1,682 million respectively. The bank’s loans & advances increased from ¢239,568 million to ¢385,867 million while customer deposits increased from ¢214,197 million to ¢371,269 million. Although provision for bad & doubtful debts increased from ¢87 million to ¢1,670 million, HFC’s net profit increased by 95.36% to ¢7,207 million over the same period last year. The price/earning (P/E) ration of HFC has fallen from 64x to 38x.
SPPC’s Half-Year Results For the half year ended June 30, 2006 Super Paper Products Company Ltd (SPPC) recorded a turnover of ¢13,313 million representing a 7.93% increase over the same period in 2005. The company’s cost of sales increased by 53.11% to ¢12,897 million which resulted in a gross profit of ¢417 million compared to ¢3,912 million recorded for the same period in 2005. SPPC recorded a net loss of ¢3,665 million compared to a profit of ¢257 million recorded for the 2005 half year.
CLYD’s Half-Year Results Clydestone Ghana Ltd (CLYD) recorded a turnover of ¢10,042 million for the half year ended June 30, 2006 which represents a 33.49% increase over the same period last year. Although other income decreased from ¢262 million to ¢59 million, CLYD recorded a 51.00% increase in net profit to ¢649 million over the same period in 2005.
SWL’s Half-Year Results Sam-Woode Ltd (SWL) recorded a turnover of ¢14,343 million for the half year ended June 30, 2006 compared to ¢204 million recorded for the same period last year. The company’s administrative & general expenses for the half year increased by 296.97% to ¢2,457 million over the same period in 2005. SWL’s net profit for the period was ¢434 million compared to a loss of ¢634 million recorded for the same period last year. Although the half year results show an improvement over last year, the performance for the second quarter was not as impressive as the first quarter. SWL recorded a turnover of ¢140 million and a net loss of ¢1,582 million for the 2nd quarter of 2006.
ALW’s Half-Year Results For the half-year ended June 30, 2006, Aluworks Ltd (ALW) recorded a turnover of ¢228,729 million representing a 4.61% increase over the same period last year. Cost of sales increased by 2.46% to ¢199,405 million, resulting in a 21.96% increase in gross profit to ¢29,324 million. ALW’s net interest expense fell from ¢3,637 million to ¢2,936 million which contributed to the 54.92% increase in net profit to ¢9,816 million over the same period in 2005. ALW’s half year results is a remarkable improvement over its first quarter performance, although the company experienced a fire outbreak at the cold mill in the plant in April. Contributing factors to the improved performance include the realignment of the company’s pricing policy in line with current world market prices and an intensified cost reduction campaign. The price/earning (P/E) ratio has fallen from 217x to 14x.
Share Offer and Half-Year Results of AYRTN
A total of ¢30,797,684,700 was received from 3,872 applicants at the end of the Initial Public Offer of Ayrton Drug Manufacturing Ltd (AYRTN). The offer sought to raise ¢36.72 billion through the sale of 43,200,000 shares @ ¢850 per share. The minimum subscription for the offer was ¢18 billion. The result therefore represents 83.87% subscription. It is expected that dealings in AYRTN will commence next week. AYRTN also released its half-year results ended June 30, 2006. The company recorded a 11.82% increase in turnover to ¢37,999 million over the same period last year. Although the company’s financial charges increased from ¢363 million to ¢1,512 million, AYRTN recorded a net profit of ¢4907 million which represents a 22.99% increase over the same period last year. The increase in financial charges is largely attributable to an overdraft of ¢988 million.
PBC Releases Third Quarter Results For the third quarter ended June 30, 2006, Produce Buying Company Ltd (PBC) recorded a turnover of ¢2,224,322 million representing a 26.31% increase over the same period last year. However, the company recorded a 22.66% increase in total expenses to ¢222,336 million resulting in a 40.04% fall in operating profit to ¢10,596 million.
PBC’s other income increased by 87.38% to ¢9,684 million, resulting in a net profit of ¢15,210 million compared to ¢16,199 million recorded for the same period last year.
CPC’s Third Quarter Results Cocoa Processing Company Ltd’s (CPC’s) turnover for the 9 months ended June 30, 2006 was ¢211,553 million.
This represents a 2.42% increase over the same period last year. CPC’s selling & distribution expenses increased by 72.32% to ¢5,038 million resulting in a 12.96% fall in operating profit to ¢3,411 million. The increase in exchange gains from ¢65 million to ¢1,059 million contributed to the 14.44% increase in net profit to ¢4,474 million.