Malawi’s Press Corporation, a beer-to-banking conglomerate and the country’s biggest company, was likely to see annual profit growth stabilise at 8 percent to 10 percent, its chief executive said yesterday.
|||Malawi’s Press Corporation, a beer-to-banking conglomerate and the country’s biggest company, was likely to see annual profit growth stabilise at 8 percent to 10 percent, its chief executive said yesterday.
The company, a bellwether of the small but fast-growing country’s economy with a market capitalisation of $136 million (R917m), said it would continue to slim down its diverse portfolio of interests from 14 sectors to just six or seven.
“The future for us lies in telecommunications, banking and the energy sector,” the group’s chief executive, Matt Chikaonda, said on the sidelines of the World Economic Forum on Africa in Cape Town.
“We’ve experienced tremendous growth over the past seven to eight years, averaging 12 percent to 15 percent profit growth,” he said.
“It has been fantastic, but that should stabilise to more normal ranges of around maybe 8 percent to 10 percent long-term growth.
“That’s the reason why we are also talking about other sources of growth – getting into the power generation side.” – Reuters
Source: http://www.iol.co.za/malawi-s-press-corp-to-slim-down-1.1065523
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