The revenue of Societe Generale Ghana Plc (SOGEGH) grew by 10.6%y/y (versus 25.0%y/y in 2019) to GHS686.04 million in FY2020. Revenue was mainly driven by 14.4%y/y rise in interest income to GHS519.46 million despite a 3.1%y/y contraction in the loan book to GHS2.56 billion as the bank tightened its credit conditions in the midst of the coronavirus pandemic. The bank ramped up its holdings of risks free government securities (debt...

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Ecobank Ghana has reported robust PAT growth of 23.6%y/y to GHS549.87 million in FY2020 from GHS444.95 million in the previous year despite higher cost-to-income ratio. Earnings were mainly driven by sustained revenue growth and lower cost of risk in 2020.   Gross revenue grew by 15.7%y/y to GHS2.09 billion in FY2020 on the back of recovery in business and consumer confidence in that second half of year to boost banking... Read More

Benso Oil Palm Plantation (BOPP) has reported a topline growth of 29.5%y/y (vs. 20.9%y/y in FY2019) to GHS123.82 million in FY2020 on the back of higher palm oil prices emanating from increased demand from China and India as well as production squeeze arising from labor shortages in key producing countries in the midst of the covid-19 pandemic. Commodity data from the World Bank shows that the price of Crude Palm...

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The consistent improvement in consumer confidence in the second half of 2020 helped to boost Unilever’s revenue by 36.9%y/y to GHS456.28 million in FY2020 from GHS333.29 million in FY2019. This was a remarkable performance especially given that the company’s revenue was down in Q3-2020. The recovery in revenue enabled Unilever to post a gross profit of GHS78.67 million FY2020 from a gross loss of GHS15.39 million a year ago.  ...

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Although there was improved demand for Fan Milk’s products in the final quarter of the year as consumer confidence recover, overall revenue for 2020 dropped by 12.0%y/y to GHS373.58 million. This was attributable to unfavorable performance in the earlier part of the year as a result of the coronavirus pandemic, which significantly limited the movement of people including the company’s sales boys who use bicycles to penetrate communities and local...

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The revenue of Benso Oil Palm Plantation (BOPP) rose by 14.1%y/y to GHS89.67 million for the first nine months of 2020 (9M-2020), driven by 37.%y/y rise in the price of Crude Palm Oil to USD798.12 per MT in September 2020. The price Palm Kernel Oil also increased by 25.1%y/y to USD767.14 per MT in September, according to data from the World Bank.     The company’s margins were also buoyed...

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Ecobank Ghana maintained a strong revenue growth of 18.5%y/y (versus 19.5%y/y in 9M-2019) to GHS1.52 billion in 9M-2020 despite the impact of the coronavirus pandemic on banking activity. Revenue was mainly driven by a 14.5%y/y growth in interest income to GHS1.16 billion on back of a strong growth (+41.3%y/y) in interest bearing non-trading assets to GHS4.13 billion. However, non-interest income contracted on the back of lower fees and commissions as... Read More

The contraction in Ghana’s GDP by 3.2%y/y in the second quarter of 2020 on the back of the impact of the covid-19 pandemic on economic activity translated into a 6.7%y/y contraction in the revenue of Unilever Ghana to GHS319.82 million in 9M-2020 from GHS342.90 million in 9M-2019. However, like other companies in the consumer goods space, we expect the rebound in consumer confidence to boost the company’s sales in the...

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Fan Milk’s revenue dropped by 19.1%y/y to GHS267.12 million in 9M-2020 on the back of the impact of the coronavirus pandemic, which significantly limited the movement of people including the company’s sales boys who use bicycles to penetrate communities and local markets. However, since the lockdown in Q2, we have seen rising consumer confidence that could help the company to make up for some of the lost revenue in the...

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CAL Bank’s gross revenue grew by 11.7%y/y (vs. 15.4%y/y in 9M-2019) to GHS810.62 million in 9M-2020 despite contraction in fees and commissions arising from slowdown in banking activity during the pandemic and waiver of some fees as part of covid-19 relief package to customers. Revenue was driven by a 7.4%y/y rise in interest income on the back of 8.7%y/y expansion in the loan book to GHS2.69 billion in 9M-2020. Furthermore,...

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