Story: Boahene Asamoah & Sahadatu Atintande
SOME government officials and stakeholders have commended the board and management of the Graphic Communications Group Limited for the efficient running of the company that has ensured its continued profitability in the face of stiff competition.
At the annual general meeting of the company in Accra yesterday, representatives of the Ministry of Finance and Economic Planning, the State Enterprises Commission (SEC) and the National Media Commission (NMC) were full of praise for the management of the company for delivering another set of good financial results for the 2007 operational year.
The Chief Economic Officer of the Ministry of Finance, Mr Dominic Donkor, expressed his appreciation for the efficient manner the company was being run.
“This is a good performance of the company and we encourage you to maintain your strategic focus,” he stated.
He commended the company for exceeding the minimum threshold of dividend payment of 30 per cent requested by the government.
The company paid GH¢800,000 as dividend for the year 2007, representing a 32 per cent increase of the previous year’s figure.
An Executive Director of the SEC, Mr David Djanie, said the company’s performance indicators, such as renewal of the organisation, conformed to the indicators set by the SEC, adding that “we are very much happy with your performance”.
A representative of the NMC, Mr Joseph Dottey, who is the Deputy Executive Secretary, said the NMC was delighted at the financial results of the company and expressed the hope that the company would deliver even better results in the ensuing years.
Delivering the financial results, the Board Chairman of the company, Osahene Offei Kwasi Agyeman IV, said the company achieved a 14 per cent increase in net profit from GH¢2.2 million in 2006 to GH¢2.5 million during the period under review.
Turnover also increased by 20 per cent from GH¢17.1 million to GH¢20.5 million, adding that shareholders’ funds increased from GH¢11.4 million in 2006 to GH¢13.1 million last year, representing an increase of 15 per cent.
He said the company would complete the installation of a new web press by the end of the year in response to demands by customers for more colour pages for advertising.
“A design centre would also be set up very soon within the adverts and business development unit to assist clients with artwork and designs for their advertisements,” Osahene Agyeman IV stated.
The Managing Director of the company, Mr Ibrahim Mohammed Awal, said the year saw a remarkable performance in advertising sales with increases in both revenue and volume, which accounted for nine and eight per cent respectively.
He said revenue was 21 per cent higher than the previous year’s figure and constituted about 50 per cent of the 2007 turnover.
Mr Awal stated that sales of the company’s publications, especially its newspapers, achieved 95 per cent of the target, while subscriptions for the Daily Graphic and The Mirror increased by six and three per cent respectively.
Revenue from circulation was up by 20 per cent from last year’s figure and the Daily Graphic, the company’s flagship, contributed 80 per cent of the total newspaper sales of GH¢10.3 million achieved in 2007.
Touching on the company’s subsidiary, G-Pak, the managing director said the company made a sales revenue of GH¢1.3 million as against the GH¢900,000 it recorded the previous year, representing a 45 per cent increase.
“Even though the company did better in 2007 than in 2006, its board has begun a massive restructuring exercise in order to improve upon its performance in the coming years,” Mr Awal stated.
Mr Awal said in spite of the growth of various media organisations, Graphic would always strive to remain the best in the media industry.
He said by weighing its core competencies and stretching its ability beyond its competitors, Graphic relied on its ability to take advantage of its leadership role to ensure continuous growth and competitiveness of the company.
He said given the aggressive marketing posture and professional services, as well as the introduction of new and exciting products, the company was poised to maintain its status as the leading media company in the country.
On corporate social responsibility, Mr Awal stated that the company donated food items, used clothing and wax prints worth GH¢9,000 and presented a cheque for GH¢3,000 to flood victims in the three northern regions.
The managing director said the company also collaborated with Pepsi Cola Ghana Limited to hold a free medical screening exercise for 540 residents of Adabraka and also presented specially designed desks worth GH¢15,000 to the Ghana Medical School.
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