6 Ghanaian companies that increased profit levels in 2019

6 Ghanaian companies that increased profit levels in 2019

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Some companies in Ghana recorded impressive gains in various aspects of business in the 2019 financial year.

Results collated by YEN.com.gh shows that the increases were recorded in areas such as profit before tax and operating incomes.

YEN.com.gh has sampled six companies, mostly banks that released details of their balances and showed increases in revenue levels:

1. Agriculture Development Bank (ADB):

Despite the outbreak of the coronavirus, the Agriculture Development Bank (ADB) managed to grow in all key performance areas.

Areas considered included assets, deposits, loans, and net interest income.

According to the bank’s unaudited half-year results, its assets grew by over 17.17 percent, or GHc800 million.

6 Ghanaian companies that increased profit levels in 2019
Dr. John Kofi Mensah is the MD of ADB Bank Source: citibusinessnews.com
Source: UGC

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2. ARB Apex Bank:

ARB Apex Bank recorded a profit before tax of GHc1 million for the 2019 operational year.

This represents a 10% increase in the results it posted in the preceding year; GHc0.91 million profit before tax.

The Bank’s total operating income increased by 17% from GHc55.5 million in 2018 to GHc64.96 million in 2019, despite the falling interest rates that affected its profitability.

3. Intravenous Infusions Limited:

Intravenous Infusions Limited (IIL), which manufactures pharmaceutical products, recorded a 14.2% increase in revenue for 2019.

YEN.com.gh understands that the company also had a 10% increase in profit margin before tax.

Details from its virtual Annual General Meeting showed that the increase in revenue was recorded across its two main business units.

It also emerged that the company successfully leveraged its brand and customer loyalty to increase growth.

6 Ghanaian companies that increased profit levels in 2019
Isaac Osei is the MD of Intravenous Infusions Limited Source: adomonline.com
Source: UGC

4. UMB:

UMB has recorded a 194% increase in profit for the half-year ended June 2020.

This comes in the wake of the negative economic effects of the outbreak of COVID-19.

The bank’s profit reportedly grew from GHc 5.5million in June 2019 to GHc16 million in 2020.

Its asset base also grew from GHc2.6 billion to GHc3.3 billion between June 2019 and June 2020 representing a growth of 25%.

6 Ghanaian companies that increased profit levels in 2019
Benjamin Amenumey is the CEO of UMB Source: graphic.com.gh
Source: UGC

5. Standard Chartered Bank Ghana:

Details emerging from its Annual General Meeting show that Standard Chartered Bank (SCB) Ghana recorded a 20% increase in its operating income for the year 2019.

The bank’s operating income increased from GHc712.9 million in 2018 to GHc853 million the following year.

Information available shows the growth level is the highest to be recorded in the last five years.

6. Ecobank Ghana Limited:

Ecobank Ghana Limited earned a total revenue of GHc1.58 billion or in the year 2019, which was a 21% increase in value.

The bank again posted a profit before tax of GHc642.4 million for 2019, representing a 27% growth when compared to the preceding year.

The details were revealed during the bank’s 15th Annual General Meeting (AGM) held on August 7, 2020.

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Source: Yen

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