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Investment giant Press Corporation Limited (PCL) says an outstanding performance by three of its subsidiaries helped to improve the conglomerate’s financial position in 2005, a year described by many commentators as very tough.
The trio comprises Limbe Leaf Tobacco Company Limited, Bottling and Brewing Group Limited (formerly Sobo and Carlsberg) and National Bank of Malawi (NBM).
In its financial report for the year ended December 2005, PCL said it made an after-tax profit of K2.243 billion which is K225 million more than the K2.018 billion the group reported in 15 months up to December 2004.
During the year, the PCL Group saw its other investment—Presscane Limited—involved in operational problems which were compounded by exchange losses on foreign-currency denominated liabilities.
In addition, Presscane is also said to have incurred an impairment loss of K348 million in complying with new accounting reporting standards, ISA 16, of which K152 million has been charged to its income statement in the current year.
Meanwhile, PCL has since recommended a dividend of K345 million representing K3.12 per share for its shareholders.
During the first part of 2006, PCL ventured into the telecommunications industry through the acquisition of 80 percent shares in the Malawi Telecommunications Limited (MTL) through Telecom Holdings Limited (THL), a consortium of local and foreign investors with PCL as the majority shareholder.
PCL has also ventured into fish farming.
Last year, PCL disposed of Malawi Pharmacies Limited and Tambala Food Products and merged Malawi Distilleries Limited (MDL) with Carlsberg Malawi Brewery Limited and Southern Bottlers to form the Bottling and Brewing Group Limited.
According to the report co-signed by Chairman Dean Lungu and Group Chief Executive Officer Matthews Chikaonda, having successfully concluded the implementation of the aquaculture and telecommunications project, PCL wants to consolidate its position while continuing to explore viable investment opportunities.
PCL currently boasts of stakes in almost all the sectors of the economy with involvement in companies like BP Malawi, PTC Group, Macsteel Malawi, NBM, Press Properties, Limbe Leaf Tobacco and First Discount House, just to mention a few.
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