• Home
  • Contact Us
  • Privacy Policy
Sunday, September 24, 2023
The Atlas Malawi
  • Home
  • National
  • Education
  • Health
  • Features
  • Politics
  • News
    • Business
  • Entertainment
    All set for Maso Awards

    All set for Maso Awards

    LL Summer Concert returns

    LL Summer Concert returns

    NBM unveils Hayze Engola as Mo626 College Basketball Ambassador

    NBM unveils Hayze Engola as Mo626 College Basketball Ambassador

    Yo Maps to perform in Malawi, COMESA Hall


    Yo Maps to perform in Malawi, COMESA Hall

    Jay Jay Cee set to release ‘Pamodzi’

    Jay Jay Cee set to release ‘Pamodzi’

    Castel Malawi pumps K25m into Sand Music Festival

    Castel Malawi pumps K25m into Sand Music Festival

  • Sports
No Result
View All Result
  • Home
  • National
  • Education
  • Health
  • Features
  • Politics
  • News
    • Business
  • Entertainment
    All set for Maso Awards

    All set for Maso Awards

    LL Summer Concert returns

    LL Summer Concert returns

    NBM unveils Hayze Engola as Mo626 College Basketball Ambassador

    NBM unveils Hayze Engola as Mo626 College Basketball Ambassador

    Yo Maps to perform in Malawi, COMESA Hall


    Yo Maps to perform in Malawi, COMESA Hall

    Jay Jay Cee set to release ‘Pamodzi’

    Jay Jay Cee set to release ‘Pamodzi’

    Castel Malawi pumps K25m into Sand Music Festival

    Castel Malawi pumps K25m into Sand Music Festival

  • Sports
No Result
View All Result
No Result
View All Result
Home National

PCL holds AGM, declares K45.1 billion profit

Chancy Namadzunda by Chancy Namadzunda
July 27, 2022
in National
0
PCL holds AGM, declares K45.1 billion profit
Share on FacebookShare on Twitter

By Staff Writer:

Conglomerate Press Corporation plc  held its 38th Annual General Meeting (AGM) where it announced a group profit after tax of MK45.1 billion, being 126% higher than prior year Profit After Tax of MK19.9 billion.

Addressing shareholders in Blantyre, Press Corporation plc Board Chairman Randson Mwadiwa said despite the need to navigate through the Covid-19 related challenges, the Group remained steadfast on its strategy implementation and hence overall, 2021 was a very strong year for the PCL Group.

You might also likePosts

Youths to benefit from education and culture exchange programmes

Youths to benefit from education and culture exchange programmes

September 24, 2023
UN Chief calls for more support for Malawi economic recovery

UN Chief calls for more support for Malawi economic recovery

September 24, 2023
BT resident takes legal action against ‘unauthorized’ building project

BT resident takes legal action against ‘unauthorized’ building project

September 24, 2023

“The company achieved double-digit revenue and profit growth while fully establishing its investment in the Life, Pension and Asset Management segment. Income growth of 23% (MK249.07 billion compared to MK202.89 billion in 2020) coupled with strict cost containment measures and profit on disposal of Castel stake (MK9 billion) resulted in a Group profit after tax of MK45.1 billion, being 126% higher than prior year Profit After Tax of MK19.9 billion,” said Mwadiwa.

He however said notwithstanding the overall performance, some segments of the group still experienced challenges during the year namely The Foods Company Limited (TFCL) also trading as Maldeco and TNM plc but was quick to point out that management of the two companies have put in place turn around strategies to make the companies profitable again.

The Chairman also briefed shareholders on the Peoples Trading Centre (PTC) divestiture saying a decision was made to exit the PTC investment after years of attempting to turn it around yielded no result.

“The divestiture was a strategic move to get out of the retail business and concentrate on capital intensive business ventures to increase shareholder value and grow the Malawi economy. Motivated by the desire for orderly exit and ensuring PTC continuity and preservation of jobs, an investor was identified who made an offer to buy PTC.”

“A series of discussions ensued which culminated in the disposal of PTC on 28th February 2022. Part of the Share Purchase Agreement required a high court judgement which was obtained. On the time of our exit on 28th February 2022 PCL assumed liabilities amounting to about K13 billion,” explained Mwadiwa.

At the AGM, a final dividend of K3.4 billion representing K28 per share in respect of 2021 profits was declared after an interim dividend amounting to K722 million representing K6 per share was already paid on 29 October 2021 bringing the total dividend for the year to K4.1 billion representing K34 per share.

One of the shareholders, Frank Harawa representing minority shareholders, said the shareholders are happy with the dividend but said they will push the company to perform better than it has done because ‘it has potential to perform more than this.’

ShareTweetShareSendShare
Previous Post

YAS Translates the Bill of Rights into Chichewa

Next Post

Namiwa ‘kidnapped’

Next Post
Namiwa ‘kidnapped’

Namiwa 'kidnapped'

HRDC calls for independent forensic audit at Accountant General’s office

HRDC condemns Namiwa's 'abduction'

Leave a ReplyCancel reply

Facebook Page

Twitter Handle

Tweets by MalawiAtlas
  • Trending
  • Comments
  • Latest
Phoya, Greenbelt boss Kosamu suspended

Phoya, Greenbelt boss Kosamu suspended

September 19, 2023
Court rebuffs Sattar with costs

Court rebuffs Sattar with costs

February 22, 2023
Shame as newly constructed diving platforms peel off, injuring one athelete

Shame as newly constructed diving platforms peel off, injuring one athelete

December 5, 2022
Multichoice Malawi fined for implementing fee hike without approval

Events leading to Multichoice Africa’s withdrawal of DStv services in Malawi

August 15, 2023
Malawian NGO to fight for men’s rights to access children after divorce

Malawian NGO to fight for men’s rights to access children after divorce

2
DPP gurus hijack APM’s presser

DPP gurus hijack APM’s presser

1
ACB nabs three ward Councilors in Karonga

Golden Peacock Chinese employee arrested over defilement

1
Government to introduce vehicle towing services

Government to introduce vehicle towing services

1
Youths to benefit from education and culture exchange programmes

Youths to benefit from education and culture exchange programmes

September 24, 2023
MEC re-set date for Mwasa ward by-election in Mangochi

MEC re-set date for Mwasa ward by-election in Mangochi

September 24, 2023
UN Chief calls for more support for Malawi economic recovery

UN Chief calls for more support for Malawi economic recovery

September 24, 2023
BT resident takes legal action against ‘unauthorized’ building project

BT resident takes legal action against ‘unauthorized’ building project

September 24, 2023

Recent News

Youths to benefit from education and culture exchange programmes

Youths to benefit from education and culture exchange programmes

September 24, 2023
MEC re-set date for Mwasa ward by-election in Mangochi

MEC re-set date for Mwasa ward by-election in Mangochi

September 24, 2023
UN Chief calls for more support for Malawi economic recovery

UN Chief calls for more support for Malawi economic recovery

September 24, 2023
BT resident takes legal action against ‘unauthorized’ building project

BT resident takes legal action against ‘unauthorized’ building project

September 24, 2023

About Us

The Atlas Malawi is one of the emerging and fastest growing online news publications in Malawi. It is unique because of its professionalism with well researched and balanced.

Follow Us

Trending this week

Phoya, Greenbelt boss Kosamu suspended

Phoya, Greenbelt boss Kosamu suspended

by Chancy Namadzunda
September 19, 2023
0

...

Phoya, Greenbelt boss Kosamu suspended

Phoya seeks Court protection

by Chancy Namadzunda
September 20, 2023
0

...

Recent Posts

Youths to benefit from education and culture exchange programmes

Youths to benefit from education and culture exchange programmes

by Mana
September 24, 2023
0

...

MEC re-set date for Mwasa ward by-election in Mangochi

MEC re-set date for Mwasa ward by-election in Mangochi

by Mana
September 24, 2023
0

...

  • Home
  • Contact Us
  • Privacy Policy

© 2023 The Atlas Malawi -All Rights Reserved

No Result
View All Result
  • Home
  • National
  • Education
  • Health
  • Features
  • Politics
  • News
    • Business
  • Entertainment
  • Sports

© 2023 The Atlas Malawi -All Rights Reserved