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Business News of Friday, 31 January 2020

Source: Class FM

ESLA records GH¢17.6m profit in 2019


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The Energy Sector Levy (ESLA) Plc recorded a profit of GH¢17.6 million in 2019.

This is however lower than the GH¢33 million recorded in 2018.

The decline in profit was due to a GH¢416 million bad debt recorded in the books.

According to its unaudited 2019 Financial Statement, earnings per share however drop from GH¢33.06 to GH¢17.64.

The cash flow statement looked strong as cash flows from investing activities was GH¢26 million, relative to GH¢9.8 million in 2018.

GH¢430.4 million was obtained from the sale of an ESLA bond opened to investors on 30 December 2019 and closed on 13 January 2019.

The 12-Year Senior Fixed-Rate Bond will mature on 29 December, 2031 and will have a coupon rate or yield of 20.50%.

ESLA Plc has, since inception, issued bonds worth GHS6.664 billion. This resulted from issuances in November 2017 (7-year tranche E1 and 10-year tranche E2), January 2018 (tap of 10-year tranche E2-B), August 2018 (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3), August (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3).

Significantly, a buy-back and subsequent cancellation of bonds worth GH¢664 million in June 2019 brought the total outstanding bond under the programme to GH¢6 billion.

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