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Business News of Friday, 7 February 2020

Source: Class FM

Listed firms financial results: GOIL, Camelot record 32%, 296% profit

More public listed firms continue to release their full year financial reports for the year 2019 as oil marketing firm GOIL registered a 32% year-on-year growth in its bottom line for last year.

The downstream company’s ability to increase its revenue by 15% to GHS3.5 billion in 2019 as well as managing its financial costs prudently triggered the impressive growth.

Financial charges for 2019 was GHS8.2 million as compared with GHS7.6 million in the previous year.

The growth in probability shot earnings per share -which is of great interest to shareholders- to 18 pesewas (GHS0.183) as against 13 pesewas (GHS0.138) in 2018.

In terms of the balance sheet, the company’s current assets stood at GHS599 million in 2019, from GHS564 million in 2018.

Total current liabilities however stood at GHS743 million in 2019 as against GHS700 million in 2018.

Meanwhile security printing manufacturer, Camelot Company also registered a profit of 296% to GHS121,980 in 2019.

This was due to a repaid decline in cost of sales and other expenses in a difficult financial year where some financial institutions were closed down.

The cost of sales dropped by 10% whilst other expenses also went down by 28%, all attributed to a prudent financial decision.

Due to the increase in income, earnings per share also went up from GHS0.0045 in 2018 to GHS0.0179.

Head of Research at Databank, Alex Boahen told Class Business that the performance of the cedi will impact on the performance of listed firms this year, adding, only few of the companies that have so far released their 2019 financial statements have disappointed.

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