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Listed Packaging Industries Malawi Limited (PIM) this week reported a rise in pre-tax profits from K51 million last year to K89 million for the year ended 30 September 2004.
In published results dated October 19 and co-signed by board chairman Sandy McLeish and managing director Simon Itaye, PIM said the increase in before tax profits has come about because of productivity improvements, cost control measures and the stability of the kwacha.
But PIM added that it believes the results would have been better if it were not for power and water supply interruptions by responsible utility firms.
McLeish and Itaye also said its directors are recommending a final dividend of K14.8 million or 22 tambala per share.
“This will bring the total dividend for the year to K20.8 million or 31 tambala per share compared to K13.5 million or 20 tambala per share paid last year,” reads the company’s statement.
Next year, PIM said, it expects to achieve some growth and improved earnings due to investment in productivity improvement initiatives and focus on cost reduction and customer service.
PIM’s improved results have come barely nine months after Itaye promised the company’s shareholders during an annual general meeting in February this year that the company expected to achieve better results in 2004 although its performance was dependent on many factors some of which were beyond its control.
PIM is listed on the Malawi Stock Exchange and has 67.2 million shares in circulation currently trading at K1.60 each.
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