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...
Read MoreThe 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. ...
Read MoreAlthough 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...
Read MoreThe 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...
Read MoreThe 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...
Read MoreFan 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...
Read MoreCAL 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,...
Read MoreGuinness Ghana Breweries Limited (GGBL) has announced 31.7%y/y rise in topline to GHS207.29 million for the first quarter (July-September 2020) of its 2021 financial year. Consumer confidence, which hit a low during the coronavirus lockdown in April, has been recovering the last four months according data from the central bank. This has been a huge boost to the fortunes of consumer goods companies such as Guinness Ghana. GGBL’s revenue performance...
Read MoreSociete Generale Ghana Limited’s (SOGEGH) revenue grew by 10.9%y/y to GHS505.52 million for 9M-2020, largely driven by 14.9%y/y growth in interest income. Non interest revenue grew by just 1.1%y/y to GHS135.81 million as slowdown in activity during coronavirus period adversely affected the growth of fees and commissions. However, the cost-to-income ratio rose to 58.0% in 9M-2020 from 56.9% in 9M-2019 as a result of a 9.5%y/y rise operating expenses to...
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