Barely one year after listing on the Ghana Alternative Market (GAX) at the Ghana Stock Exchange (GSE), AFB Ghana Plc, a leading financial service company, has posted a 100% profit before tax (PBT) in 2015.
This came to light when AFB took its turn at the GSE’s facts behind the figures; an event compulsory for all companies listed on the exchange to share their final accounts with the public.
But speaking to Citi Business News, the Managing Director of AFB Ghana Plc Arnold Parker said raising some 40 million cedis in corporate bonds on the GAX helped the company eliminate all foreign currency risks from the business.
He however bemoaned the scrapping of capital gains tax and three years 3% rebate which impacted negatively on their businesses.
“The successful issuance and listing of the corporate bonds on the GAX has allowed the company to redeem all foreign denominated liabilities. It has also allowed the company to eliminate all foreign currency risks for the business as the business paid attention to reducing its dollar debt, cutting cost and loan recovery and in 2016 and beyond, the business would be focused on balance sheet growth and profitability.” He said.
The MD was quick to add that last year alone about 47 per cent of their loan applications were for education purposes, while over 30 per cent was to invest in business operations.
Mr. Bruce Sneddon, afb Loans Group Chief Executive Officer, told Citi Business News that the company has started the 2016 financial year well ahead of its month to month budget in what it promised to be a good year.
“Market watchers will be keenly eyeing afb, this year as it has made inroads into the market with its paperless loan application platform and other branchless financial service products”.
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By: Norvan Acquah – Hayford/citifmonline.com/Ghana