{"id":45567,"date":"2023-07-12T18:57:03","date_gmt":"2023-07-12T18:57:03","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit"},"modified":"2023-07-12T19:11:40","modified_gmt":"2023-07-12T19:11:40","slug":"pcl-posts-a-k36-3-billion-profit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit","title":{"rendered":"PCL posts a K36.3 billion profit"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Conglomerate Press Corporation plc (PCL) has posted a K36.3 billion profit after tax for the year ending 31 December 2022, which is 19 percent lower compared to the K45.1 billion recorded in the prior year.<\/p>\n

In a financial statement signed by PCL Board Chairman Randson Mwadiwa and Chief Executive Officer Ronald Mangani, the holding company said the prior year\u2019s performance was enhanced by a profit realized from the disposal of a 20 percent stake in Castel Malawi Limited amounting to K9.6 billion.<\/p>\n

\u201cWhen this extraordinary item is excluded, the Group\u2019s profit after tax grew by 2 percent over prior year,\u201d reads the statement in part.<\/p>\n

\u201cIn 2022, the Group achieved MK288.6 billion in revenue, up from MK249.1 billion recorded the previous year (2021), translating into a 16 percent growth\u201d adds part of the statement.<\/p>\n

PCL hailed National Bank of Malawi (NBM) plc, its subsidiary, for a strong performance after registering a profit increase of 40 percent from 2021.<\/p>\n

However, the telecommunication businesses underperformed during the year under review largely due to the effects of high inflation, the devaluation of the local currency and delay in completing some revenue generating projects attributed to forex scarcity.<\/p>\n

\u201cAs part of its turnaround strategy, the businesses will focus on both revenue growth strategies as well as cost containment initiatives.\u201d reads the statement in part.<\/p>\n

The ethanol producing companies, PressCane and Ethanol Company (EthCo) registered a 4 percent increase in turnover however, its profitability declined by 7 percent from the prior year\u2019s profit.<\/p>\n

\u201cThis was largely due to sluggish sales occasioned by the shortages of petrol and diesel on the local market, production machinery challenges and feedstock supply challenges. The companies are still operating below their installed capacity due to challenges in feedstock and effluent management. Treatment plants to enhance effluent management capabilities will be commissioned at both companies during 2023, and will result in the production of organic fertilizers and bio-gas,\u201d reads part of the statement.<\/p>\n

\u201cThe Property company, Press Properties Limited registered a 26 per cent increase in profit against the prior year profit. Moving forward, the company is expected to increase its footprint in the property development and management business segment.\u201d<\/p>\n

\u201cThe Foods Company Limited (TFCL) slowed down its production activities towards the end of the year. The search for an equity investor in the company is on-going,\u201d reads the statement in part.<\/p>\n

On equity accounted investments, PCL said that PUMA\u2019s profit grew by 44 percent from prior year, notwithstanding the fuel supply challenges experienced, Limbe Leaf by 5.5 per cent, LifeCo, by 165 per cent while Macsteel experienced a 66 percent reduction mainly due to foreign exchange shortages, as the business primarily relies on imports for its materials.<\/p>\n

\u201cAt company level, PCL made a profit after tax of MK11.4 billion, which was 476 per cent above prior year on account of a drop in finance costs by 94 per cent, reduced overheads by 15 per cent and increased dividend received by 32 per cent,\u201d reads the statement in part.<\/p>\n

Looking forward, PCL said the macroeconomic landscape remains uncertain as risks to the outlook are heavily skewed towards the downside.<\/p>\n

\u201cThe Group will remain poised to actively manage the portfolio in the face of the current market dynamics, leveraging on its strong track record, diversified asset base, strong capabilities, and synergistic benefits,\u201d reads the statement in part.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Conglomerate Press Corporation plc (PCL) has posted a K36.3 billion profit after tax for the year ending 31 December 2022, which is 19 percent lower compared to the K45.1 billion recorded in the prior year. In a financial statement signed by PCL Board Chairman Randson Mwadiwa and Chief Executive Officer Ronald Mangani, […]<\/p>\n","protected":false},"author":84,"featured_media":45566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,234],"class_list":["post-45567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nPCL posts a K36.3 billion profit - Malawi<\/title>\n<meta name=\"description\" content=\"Conglomerate Press Corporation plc (PCL) has posted a K36.3 billion profit after tax for the year ending 31 December 202 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PCL posts a K36.3 billion profit\" \/>\n<meta property=\"og:description\" content=\"Conglomerate Press Corporation plc (PCL) has posted a K36.3 billion profit after tax for the year ending 31 December 202 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-12T18:57:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-12T19:11:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689172851.942983.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PCL posts a K36.3 billion profit\",\"datePublished\":\"2023-07-12T18:57:03+00:00\",\"dateModified\":\"2023-07-12T19:11:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\"},\"wordCount\":555,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689172851.942983.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/pcl-posts-a-k36-3-billion-profit\",\"name\":\"PCL posts a K36.3 billion profit - 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