Press Corporation Limited Posts 13.6 Billion Net Profit; Company Monitoring Performance of Subsidiaries Regularly

Published On: July 17, 2023Company: Press Corporation Plc (PCL.mw)
What is the shareholder's interest in the subsidiaries and how does the Company monitor them?
The Company’s shareholding in the subsidiaries is disclosed in note 14 of the consolidated and separate financial statements. The Company has its representatives on the boards of subsidiary companies and monitors the performance of the companies regularly.

Principal Activities of the Group

Press Corporation plc is a diversified Group with significant interests in the Malawi economy. Its subsidiary companies operate in:

  • Financial services
  • Telecommunications
  • Energy
  • Retail
  • Real estate

Press Corporation plc has two joint venture companies in the energy and consumer goods sectors. It also has three associates in the telecommunications; agro-industrial and life insurance sectors.

Financial Performance

Press Corporation plc has reported a net profit of K13.6 billion for the year 2022 (2021: K21.7 billion), with an interim dividend of K842 million (2021: K722 million) representing K7 per share (2021: K6). The directors have proposed a final dividend for the year 2022 of K3,487 million (2021: K3,367 million) representing K29 per share (2021: K28).

Overview of Subsidiaries

The Group’s main subsidiaries are:

  • National Bank of Malawi plc
  • Malawi Telecommunications Limited
  • Telekom Networks Malawi plc
  • Ethanol Company Limited
  • Presscane Limited
  • Peoples Trading Centre Limited (up to 28 February 2022)
  • Press Properties Limited
  • The Foods Company Limited

The Company’s shareholding in the subsidiaries, their principal activities and financial performance is disclosed in note 14 of the consolidated and separate financial statements.

Subsidiaries’ Corporate Governance

The subsidiaries have their own Boards of Directors having the rights and obligations to manage such companies in the best interest of the companies. The Company has its representatives on the boards of subsidiary companies and monitors the performance of the companies regularly.

Useful links

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

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

Giri

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