The Graphic Communications Group Limited (GCGL) has recorded a profit after tax of GH¢7.1 million in the 2012 financial year.
The amount which represents a whopping 195.8 per cent increase over the previous year’s figure of GH¢2.4 million makes the company one of the most efficiently managed and profitable State Owned Enterprises (SOE) in the country.
In the same period under review, the company also managed to increase its turnover from GH¢30.2 million in 2011 to GH¢41.8 million, representing a 38.4 per cent increase.
The growth in the turnover of the company was premised on the enhanced print quality and colour capacity which propelled it to organise several supplementary pages on special occasions to increase advertising revenue.
In the process, the company produced increased number of pages of the newspaper per edition to deliver more value for money to our readers.
Additional income also came from newspaper printing contracts the company secured to utilise excess capacity of its ultra-modern printing facilities.
In view of the performance of the company, the Board of Directors also recommended a dividend of GH¢600,000 for 2012, representing an increase of 20 per cent over the GH¢500,00 paid in 2011.
Unlike many other companies in the public sector including some in the private sector, the company also fully honoured its tax obligations to the state with the release of GH¢4.7 million to the government by way of corporate taxes. The amount included Value Added Tax (VAT), Pay As You Earn (PAYE) and import duties.
G-Pak, a subsidiary of the GCGL, also registered a net profit of GH¢44,390 in 2012 as against a huge net loss of GH¢184,157 in 2011.
The company’s sales revenue of GH¢1.90 million recorded in 2012 represented an increase of 36.7 per cent on the 2011 revenue of GH¢1.39 million.
The success story of the company was attributed to GCGL’s installation of the quarterfold on the KBA Press that could print books at high speed and quality and G-Pak’s finishing capacity.
Outlook for 2013
For 2013, the Board Chairperson of the GCGL, Dr Doris Yaa Dartey, disclosed among other things, that a new design centre would be set up at the Marketing Department to assist clients with artwork and designs for their advertisements.
“We will work towards achieving our vision and living our mission. All these measures are in response to meeting the challenges ahead and growing or increasing market demands in line with our revised five-year strategic plan to become the biggest and most influential media organisation in the West African sub-region,” she said.
For his part, the Managing Director of the company, Mr Kenneth Ashigbey, gave the assurance that the company would continue to invest in customer service orientation programmes for its staff, streamline ICT in company operations to deliver reliable services.
By Charles Benoni Okine / Graphic Business / Ghana
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