By Chisomo Phiri
Press Corporation plc has on Friday declared a K36.3 billion profit after tax for the year 2022.
The company made the profit declaration during its Annual General Meeting (AGM) in the Malawi’s commercial city of Blantyre.
The company said, the profit is 19% lower compared to K45.1 billion recorded in 2021.
Board chairperson for the corporation, Randson Mwadiwa, attributed the company’s poor performance as a result of poor performance shown by some of its sister companies such as MTL and TNM.
Mwadiwa disclosed that the company has secured land at Kamphata in Lilongwe for solar generated electricity project which will generate about 50 Megawatts once completed.
He said they are now working on compensations for the people who will be affected by the project and partnerships for the project works to start.
Press Corporation plc is a public listed company incorporated in Malawi, under the Companies Act 1984; and is quoted on the Malawi Stock Exchange (MSE) and listed as a global depository receipt on the London Stock Exchange(LSE).
Being the largest holding company in Malawi, Press Corporation plc has interests in different sectors of the Malawi economy including: financial services, telecommunications and energy.
The highly diversified company has stakes in thirteen companies comprising of eight subsidiaries, four joint ventures and one associate.
