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| Business |
| PCL considers early K1 interim dividend |
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by
Aubrey Mchulu, 28 March 2004
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14:57:36
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Press Corporation Limited (PCL) board chairman Dean Lungu said on Friday his board is considering to give shareholders an early interim dividend of “at least K1” per share owing to the conglomerate’s good performance.
Lungu told a PCL annual general meeting in Blantyre that the board is confident that PCL management is doing its best to improve the performance of the company hence the consideration.
“Looking at the company’s performance, we strongly think that our shareholders deserve more,” he said in an interview after the company’s 20th AGM.
PCL, which is listed on the Malawi Stock Exchange and on the London Stock Exchange as a depositor, made a net profit of K1.149 billion for the year ended September 30, 2003, almost 136.9 percent up from K485 million in 2002.
Lungu attributed the group’s improved performance to the elimination of the major loss making operations in 2002 and the fact that other loss-making entities began turning around after successful restructuring.
He also said the Carlsberg Group underwent restructuring during the year which has seen Carlsberg and Southern Bottlers being accounted for as an associate, not a subsidiary.
The AGM approved a final dividend of K0.30 per share to make the total dividend declared for the year at K2.05.
The meeting also reappointed KPMG as the group’s auditors for another year and directors’ fees.
PCL group chief executive Matthews Chikaonda said in the group’s annual report that the good results were a reflection of the “dedication, hardwork and new team spirit of the company’s management and staff coupled with strong leadership, guidance and support provided by the board.”
PCL has joint venture investments in BP Malawi, People’s Trading Centre Group, Macsteel Malawi and subsidiaries like National Bank of Malawi, Maldeco Fisheries, Malawi Pharmacies, Ethanol Company, Malawi Distilleries, Tambala Food Products, PG Industries, Press Properties with Carlsberg/Sobo Group, Limbe Leaf Tobacco and First Discount House as associates.
Earlier this month, Chikaonda unveiled PCL’s plans to list on the Botswana and Johannesburg stock exchanges to position the company for easy access to regional and international capital access.
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