Thursday, August 2, 2012

Earnings Season on the Ghana Stock Exchange: Half Year Reports

We are in the first half Earnings Season on the Ghana Stock Exchange and in my earlier post about Benso Oil Palm Plantation (BOPP), i.e. Half Year Performance of BOPP, I looked at how BOPP performed on the exchange and for the first half. Below are the various performances for some of the companies listed on GSE.
UT Bank
UT Bank Ltd (UTB), an indigenous bank, have reported an 89.23% surge in profit after tax, from GHS 4.69m in 2011 half year results to GHS8.87m for the same period in 2012.
The bank's loan book stood at GHS 579.17m, an increase of 51.73% when compared with the GHS381.72m in the first half of 2011.
Price Movement on GSE: UTB

TOTAL Petroleum Ghana Ltd, TOTAL's net profits for the half year grew by 51% from GHS11.72m in the previous year to GHS17.70m in 2012. Revenue for the period was GHS257.29m, a 23.63% increase from the same period last year.
Tullow Oil Plc, TLW's earnings for the first half of the year was USD566.90m, a 63.23% growth over last year's USD347.30m recorded in the same period. The oil producer has also announced the appointment of Anne Drinkwater as a Non-executive Director.
Price movement on GSE: TLW

Mechanical Lloyd Company (MLC)
Mechanical Lloyd Company Ltd (MLC), profits were up 53.50% to GHS1.10m in the first half of 2012. Assets of the company grew by 20.37% from GHS29.73m in 2011 to GHS35.78m in 2012.
Camelot Ghana Ltd
Camelot Ghana Ltd (CMLT), have reported a 38.41% growth in profit after tax from GHS 0.12million in the second quarter of 2011, to GHS0.17m for the same period in 2012. The company's assets stood at GHS 4.27m, an increase of 16.57% when compared with the GHS3.66m in the first quarter of 2011.
Starwin Products ltd
The net profit for Starwin Products Ltd (SPL) for the half-year increased by 60.75% over the same period last year. The company reported a net profit of GHS0.22million for the period.
CAL Bank
CAL Bank Ltd, CAL, have reported a 206.17% surge in net profits for the half-year, from GHS5.90m in 2011 to GHS18.07 in 2012, just 1.47% less than the net profits reported for the 2011 financial year.  The bank's assets grew from GHS589.31million in 2011 to GHS980.97m, representing a 66.46% growth.
Ecobank Ghana
Ecobank Ghana Ltd, EBG, profits were up 52.83%, from GHS36.62m in the second quarter of 2011 to GHS55.97m in the same period of 2012. The company's assets are GHS3.07b, a 66.17% increase from half-year 2011. The bank's loan book grew significantly from GHS527.04m to GHS1.25 billion.
Ayrton Drugs (AYRTN)
AYRTN recorded a GHS16.93 million turnover for the 9-Month period ending June 2012. The value is 15.91% above the GHS14.60 million recorded in the same period of 2011. This is below the company’s target (about GHS18 million) and this is largely due to the upgrade of the company’s factory (around April/May 2012) which affected production levels and by extension affected the revenue. Cost of sales also went up from GHS8.55 million to GHS10.02 million representing a 17.18% rise.
AYRTN’s other income grew by about seven times to GHS0.09 million for 2012. The growth is from the gains the company made from marketing the products of other foreign pharmaceutical firms. .
Selling and Distribution Expenses increased by 32.34% from GHS1.70 million in 2011 to GHS2.55 million in 2012. The hike in expenditure was partly due to the vans the company acquired in anticipation of high sales and marketing activities for the year.
Standard Chartered Bank
Standard Chartered Bank (Ghana), SCB, net profits for the half year ending June 30 grew by 46.22%, from GHS39.2m in the previous year to GHS57.32m in 2012. Net interest income however, declined by 3.51% to GHS73.11m, from GHS75.77m in 2011. The bank's assets stood at GHS2.32b, a 26.96% increase from GHS1.83b in the same period of 2011.
Ghana Commercial Bank
Ghana Commercial Bank, GCB, profits were up 45.00% to GHS49.71m in the period under review. The company's assets are GHS2.66billion, a 19% increase from half year 2011. The bank's loan book stood at GHS642.63m, a 55.13% increase compared to the GHS414.25m reported in the same period last year.
Price Movement on GSE: GCB
Source of Data: CBL


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