- The Board of Press Corporation Plc (PCL) is pleased to announce the audited financial results for the Group for the year ended 31st December 2022.
- The Group achieved MK288.6 billion in revenue, up from MK249.1 billion recorded the previous year (2021), translating into a 16 per cent growth.
- At MK36.3 billion, Profit after tax for the year 2022 was 19 per cent lower, compared to MK45.1 billion recorded in the prior year.
- Significant downsides to the 2022 performance included a 41 per cent increase in net finance charges on account of the adverse movements in the exchange rate and the interest rates and impairment of equity investments amounting to MK6.2 billion.
- The Financial Services Segment: National Bank of Malawi Plc (NBM) posted strong performance, largely derived from robust revenue growth, prudent liability management, and effective risk management.
- The Telecommunications Segment: Telekom Networks Malawi Plc (TNM) and Malawi Telecommunications Limited (MTL) reported a loss of MK3.7 billion in 2022.
- The Energy Segment: PressCane Limited and Ethanol Company Limited reported a 4 per cent increase in turnover to MK26 billion on the prior year base of MK24.9 billion, however, its profitability declined by 7 per cent.
- The All-Other Segment: PCL head office, The Foods Company Limited (TFCL) and Press Properties Limited made a profit after tax of MK11.4bn which was 476 per cent above the prior year.
- Joint Ventures: PUMA Energy Malawi Limited and Macsteel Malawi Limited reported a profit of MK4.5 billion which was 44 per cent above the prior year’s profit of MK3.1 billion.
- Associated companies: Limbe Leaf Tobacco Company Limited, LifeCo Holdings Limited and Open Connect Limited reported a profit after tax of MK3.3 billion in 2022, which was 5.5 per cent above the prior year’s profit after tax of MK3.2 billion.
- An interim dividend paid for FY2022 was MK842 million (2021: MK722 million), representing MK7 per share (2021: MK6 per share).
- The directors recommend a final dividend for the year 2022 of MK3,487 million, representing MK29 per share (2021: MK 3,367 million, MK28 per share).
- The total dividend payable for FY2022 will, therefore, be MK4,329 million (MK36 per share), which is above the FY2021 dividend of MK4,122 million (MK34 per share).
- The macroeconomic landscape remains uncertain as risks to the outlook are heavily skewed towards the downside.
- The Group will remain poised to actively manage the portfolio in the face of the current market dynamics, leveraging on its strong track record, diversified asset base, strong capabilities, and synergistic benefits.
About Press Corporation Limited (PCL.mw)
Press Corporation Limited is the largest holding company in Malawi; with vested interests in real estate, energy, food and beverages, consumer goods, financial services and telecommunications. The highly diversified company has stakes in 13 companies in Malawi made up of 8 subsidiaries, 4 joint ventures and one associate. Well-known brands in its portfolio include: National Bank of Malawi in the financial services sector, Malawi Telecommunications Limited and Telekom Networks Limited in the telecommunication sector, Ethanol Company Limited and Presscane Limited in the energy sector, People’s Trading Centre Limited in the consumer goods sector, Press Properties Limited and Manzini Limited in the property investment and development sector, and The Foods Company in the food manufacturing sector. Press Corporation Limited is listed on the Malawi Stock Exchange
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