- The report discusses the financial performance of Press Corporation PLC (PCL) for the half-year ended June 2023.
- The operating environment was difficult due to macro-fiscal challenges, extreme weather events and inflation rate of 27.3% in June 2023.
- PCL faced foreign exchange shortages, leading to depreciation of the Malawi Kwacha against the US dollar.
- Despite economic hardships, PCL achieved unaudited half-year profit after tax growth of 115% with a total of MK34.29 billion.
- The growth was attributed to a 31 percent growth in revenue and cost containment measures. Yet, net finance charges grew by 81 percent, due to increased interest rates and the weak local currency.
- The Financial Services segment showed significant growth, the Telecommunication Segment showed modest improvement while the Energy Segment showed significant profit from high sales volume and better fuel prices.
- The All Other Segment reported a profit decline due to revenue receipt timing differences.
- The equity accounted investments contributed profit to the group despite challenges in growth.
- An interim dividend of K9.00 per share to be paid in October 2023 is announced.
- The company anticipates challenges due to the foreign exchange challenges, high interest rates, and inflation effects but remains focused on its growth-oriented strategies.
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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