Kasapreko records 259% YoY growth in net profit for Q1 2024

Ghanaian alcoholic beverage company, Kasapreko Plc, for the first quarter of 2024 recorded net profit of GHS 16.6m.

Compared to the GHS 4.6m net profit recorded same period last year, this marks a 259% increase in the company’s net profit on a year-on-year basis.

The company’s assets value within the review period grew to GHS 1.33bn from GHS 1.21bn in Q1 2023.

Growth in assets value was occasioned by increments in the firm’s current assets (GHS 563m) and non-current assets (GHS 776m).

Liabilities of the company also grew to GHS 1.11bn in Q1 2024 from GHS 1.02bn in Q1 2023 driven by increments in the firm’s non-current liabilities.

Kasapreko in February this year, listed the Tranche 1 and Tranche 2 of its GHS 600m note on the  of the Ghana Stock Exchange (GSE)

The note listing by the indigenous company witnessed 100% subscription by investors.

The 100% subscription by investors of Tranche 1 & 2 worth GHS 150m reflected high investor appetite for the company’s debt issuance given the high coupon rate of 26%.

The GHS 600m issuance by Kasapreko is a three-year senior unsecured fixed-rate note.

The first tranche (GHS 103.7m) and second tranche (GHS 47.4m) listed by Kasapreko are valued at GHS 150m with a coupon rate of 26% to be paid bi-annually.

The debt security issued on January 29, 2024, matures on January 29, 2027.

The listing of the GHS 600m Note on the Ghana Fixed Income Market serves as a testament of Kasapreko’s dedication to fostering economic development, job creation, and value addition within Ghana.

Source: Norvanreports