PCL touts 2020 performance
Press Corporation plc says the it has delivered a satisfactory performance despite a challenging operating environment in 2020 due to the effects of the Covid-19 pandemic.
Speaking during its virtual annual general meeting (AGM) on Friday, PCL plc board chairperson Randson Mwadiwa said the group also achieved significant successes in controlling costs which are similar to last year’s despite additional unplanned expenditures incurred in fighting the pandemic.
He said the focus in the year under review was on activation of the various business continuity plans, preservation of cash, employee and customer safety, managing the new paradigm shift of working from home with the associated digital technology and the strengthening of business relationships.
Said Mwadiwa: “Most group companies have demonstrated remarkable flexibility and professionalism on how they adjusted their strategies to suit the new operating environment.
“With the availability of Covid-19 vaccines, we envisage improved economic prospects for 2021 and delivery of planned and significantly improved results.”
He, however, noted that prevailing foreign exchange shortages will likely persist and, this together with the rising public debt, poses a downside risk to the business environment.
Mwadiwa said PCL plc in line with its strategic plan extended its footprint in the financial services sector by partnering Equity Investments Limited and Fidelity Limited to register a new company LifeCo Holdings Limited, a life insurance, pensions and asset management business.
The conglomerate owns 49.5 percent of the business started operations in January 2021.
During the year under review, PCL plc profit after-tax declined by 13 percent to K19.9 billion from K22.9 billion recorded in the prior year.
The group declared a final dividend of K3 billion representing K25 per share in respect of 2020 profits.
