Business News of Friday, 16 September 2011

Source: citifmonline

PBC is Ghana’s best company at GC 100 awards

Produce Buying Company Limited (PBC) has been adjudged the number 1 company in the latest Ghana Club 100 rankings for 2010, knocking off Toyota Ghana limited which held that position for 2009.

Nine other companies that made it to the top ten positions include Zenith Bank at number 10, Goldfields Ghana ltd. took the 9th spot, Ecobank Ghana Ltd. at 8, Guarantee Trust Bank took the 7th position with Dan Adams Pharmaceuticals Ghana ltd. taking the 6th position.

The rest are The Trust Bank (TTB) at number 5, Intercontinental Bank, ranked 4th, Enterprise Life Insurance, number 3 and Auto Plaza Ltd ranked 2nd.

This is the first time Produce Buying Company Limited PBC has taken the first position in the Ghana Club 100 rankings moving from 34th last year.

Toyota Ghana Limited dropped to the 16th position.

The Ghana Investment Promotion Centre (GIPC) organizers of the awards say the criteria for selecting the top 100 companies in Ghana are as follows:

*The company must have cumulative net profits that are positive for the most recent three-year period or must be a limited liability company.

*The company could also have government share which should not be less than 50 per cent unless the company is listed on the Ghana Stock Exchange.

The financial services sector dominated the top 20 ranked companies.

Guarantee Trust Bank, a new entrant into the Ghana Club 100 rankings for instance, entered at the 7th position. The Trust Bank Ghana Limited moved from the 7th spot in 2009 to the 5th in 2010.

Barclays Bank ranked the worst in the same sector, placing 86th.

This year's awards were ranked, based on three factors of the competing companies, such as size, return on equity and growth. These factors somewhat worked in favour of the rural banks which swept a substantial amount of the awards.

The awards cut across all key strategic sectors of the economy. Special awards were given to the leading companies in the various sectors.

WIENCO Ghana Ltd. led the Agric and Agri-business sector, Scancom Limited led the ICT sector and Gold fields Ghana limited was adjudged the largest company and also the leader in the petroleum and mining services. GC-net was named the most profitable company for 2010.

The rest are Enterprise Life Insurance ltd. leading the financial services sector with GT Bank named as the fastest growing company.

Produce Buying Company PBC, the best company for the 2010 Ghana Club 100 awards was also leading the in the services sector.

Deputy Managing Director in charge of operations at PBC, George Kwadjo Boateng told Citi News that they managed to grab the number 1 position after putting in the necessary measures.

He said “if you look back at 2004/05 and 2005/06, those were the years PBC recorded huge losses. This new management took office and we said that we need to reverse the trend.

“We put in the necessary measures, we sounded it to the staff and we said this is the policy we wanted to follow.

"We communicated same to our financial institutions, to the staff, to our farmers and today they all share in this glory, which means that hard work pays”.